UPI's growth soars: adding 6 million new users monthly

New Delhi: The growth of digital payments continues to accelerate, with the Unified Payments Interface (UPI) now adding up to 6 million new users every month.

This remarkable surge in UPI transactions has been driven by the introduction of the RuPay credit card on the UPI platform and its expansion into international markets.

Recent data from the National Payments Corporation of India (NPCI) reveals that UPI transactions surged by 49 percent year-on-year to reach 13.9 billion in June, with the transaction value rising 36 percent to Rs 20.1 trillion. The average daily transaction count stood at 463 million, with an average daily amount of Rs 66,903 crore.

Praveena Rai, Chief Operating Officer of NPCI, highlighted that the market share of RuPay credit cards has increased dramatically from 1 percent to 10 percent over the past three years. She noted, "Every month, UPI adds between 3 to 6 million users."

The success of UPI in India has led to its global adoption, with Al Maya Supermarket in the UAE recently announcing UPI-based payment acceptance at its outlets.

Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director at NPCI, shared that UPI is now available at notable international locations, including the Eiffel Tower in Paris, Galeries Lafayette in Haussmann ahead of the Paris Olympics, and in certain Middle Eastern countries. NPCI has set an ambitious goal of reaching 1 billion UPI transactions per day in the near future.

The government's push towards a digital economy, along with a young and tech-savvy population, is expected to drive further advancements in the fintech sector.

Source- IANS