SUMMARY
NPCI recorded almost 6 Bn UPI transactions worth over INR 10 Lakh Cr in May and June
France, the UAE and Singapore have already adopted the open digital platform, while Nepal, Japan and China are in different stages of conversation
NPCI will also be working on establishing UPI as a channel for making cross-border remittances
As UPI gets hold of the Indian payments market, the technology is now set to make ripples across the world, too. Addressing Digital India Week, IT Minister Ashwini Vaishnaw has stated that India is in talks with 30 countries for UPI and three countries have already signed memorandums of understanding (MoUs) in this regard.
During the summit, Vaishnaw shared an overview of the UPI numbers – almost 6 Bn transactions worth over INR 10 Lakh Cr in May and June – stating that the efficiency of the tech has enabled France, the UAE and Singapore to adopt the open digital platform.
He added that the platform has avoided the creation of monopolies in the digital services sector, the kind that is present in developed countries.
It is to be noted that in June 2022, NPCI International signed an MoU with Lyra Network of France to accept UPI and RuPay Cards in the country.
NPCI International has previously also tied up with several institutions in Nepal, the UAE, Singapore, Japan and China. Now, NPCI will also be working on establishing UPI as a channel for making cross-border remittances.
UPI Going Beyond Indian Borders: PM Modi
Prime Minister Narendra Modi, who inaugurated the session, in his concluding remarks stated, “UPI has transgressed the economic barriers and has empowered every citizen equally, demonstrating that the digital solutions produced by Digital India are scalable, secure and democratic.”
He added that the entire world was attracted by UPI and in fact, it has been appreciated by everyone, including the World Bank. PM Modi further emphasised that 130K UPI transactions are recorded every minute, with 40% of the world’s digital transactions happening in India.
UPI is currently the most popular digital payment system in India. It has 330 banks linked to it, with an average ticket size of UPI around INR 1,730 per transaction.
Beyond praising the efforts of NPCI in scaling India’s payments ecosystem, the Prime Minister also launched IndiaStack.Global – a platform where open and interoperable digital solutions from the country can be accessed by other countries.
