UPI Plans Global Expansion After Hitting 1 Bn Transactions In October

UPI Plans Global Expansion After Hitting 1 Bn Transactions In October

SUMMARY

UPI records 1,61,456.56 Cr worth transactions in September

The UPI has crossed 100 Mn users, making it the fastest adoption payments systems in the world

According to NPCI, UPI plans to collaborate with global fintech companies and banks in the coming days

The National Payments Corporation of India (NPCI) on Monday (October 28) claims that unified payments interface (UPI) transactions have crossed the 1 Bn mark, three years after the launch of the payments platform.

The number of transactions saw a 4.5% growth in comparison to 955.02 Mn transaction in September, though it must be noted that the NPCI has not yet released the official data for October 2019. The news of the milestone was announced by NPCI’s CEO Dilip Asbe in a ET report.

In terms of the value of transactions, UPI recorded INR 1,61,456.56 Cr in September, a 4.5% growth against INR 1,54,504.89 Cr worth transactions in August. The October figures are yet to be revealed officially

At the same time, UPI also claims to have crossed 100 Mn users overall, making it the fastest adoption payments systems in the world, according to Asbe. The NPCI now plans to take UPI global by expanding to Singapore and the UAE, Asbe added. He said that it is in the planning stage as it requires various permissions to take this forward. Optimistic about this, he expects that the success story and acceptance of UPI in India will drive the future of UPI across other geographies as well.

The implementation of UPI in other countries is expected to solve problems faced by Indians travelling abroad due to currency conversion and non-availability of credit or debit cards.

According to reports last week, NPCI is working to enable this feature within the next six months. NPCI’s attempt to create a global payment product can expand the use case of UPI and make it a major challenger to credit card providers, other global digital payment systems.

Last week, NPCI also launched a new version of Bharat Interface for Money (BHIM), its UPI-based payments platform, which has additional language support,increased transaction limit and an option of applying in initial public offering (IPO). Other features of BHIM 2.0 include donation gateway, linking multiple bank, offers from merchants and giving money, etc.

According to NITI Aayog’s Digital Payments, India’s digital payments industry is estimated to grow to $1 Tn by 2023. It also suggested that the value of digital payments will likely jump from the current 10% to over 25% by 2023.

You have reached your limit of free stories
This Diwali, Get Up To 72% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Offer Fading Away This Week
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

UPI Plans Global Expansion After Hitting 1 Bn Transactions In October-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

UPI Plans Global Expansion After Hitting 1 Bn Transactions In October-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

UPI Plans Global Expansion After Hitting 1 Bn Transactions In October-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

UPI Plans Global Expansion After Hitting 1 Bn Transactions In October-Inc42 Media
UPI Plans Global Expansion After Hitting 1 Bn Transactions In October-Inc42 Media
You’re in Good company