UPI will set a new record in 5 years, Finance Minister said – 1 billion transactions will be done every day.
Union Finance Minister Nirmala Sitharaman on Tuesday said Unified Payments Interface (UPI) based transactions could reach one billion per day in the next five years. Addressing an event organized by FICCI, Sitharaman said that the data released by NPCI (National Payments Corporations of India) shows that 6.28 billion transactions were done through UPI in July 2022. Under these, there were transactions worth Rs 10.62 trillion or about Rs 11 lakh crore.
He said, “There is a significant increase in transactions on a monthly basis. UPI aims to process one billion transactions a day in the next five years. The Finance Minister also said that the rate of adoption of technology is very high in India not only in major cities but also in Tier-2 and Tier-3 cities and rural areas. “Digital adoption by Indian citizens is amazing,” he said.
Infosys president also praised UPI
Earlier, Nandan Nilekani, Infosys Chairman and Founding Chairman of UIDAI (Unique Identification Authority of India) had commented about UPI (Unified Payment Interface) and Aadhaar linked payment system in India. Speaking at The India Advantage Summit 2022 in Bengaluru, he said that roughly 26 crore people are using UPI and another 150 million people are using Aadhaar linked payment system to withdraw money from their bank accounts.
He says, “Around 400 million people are using digital mode to withdraw money from their accounts. Roughly around 40-45 percent of Indians are using the digital format. 10 years ago it was zero percent. It’s a dramatic shift in consumer behavior and consumer usage that has become very powerful.”
New record set in August
UPI (Unified Payments Interface) payment service was launched in India in 2016. Today it is the most popular payment service in the country. UPI recorded 657 crore transactions in August. The National Payments Corporation of India (NPCI) said that under this, transactions worth Rs 10.72 lakh crore have taken place in the country.
