Finance Minister Nirmala Sitharaman announced in Sri Lanka on November 2, 2023, that the Unified Payment Interface (UPI) is soon expanding to the island nation.
UPI’s success is spreading globally, with countries like Japan, Singapore, UAE, France, UK, and Japan looking to adopt it.
In the financial year 2022-23, UPI witnessed transactions worth $1.7 trillion, impressing foreign diplomats and catching the attention of G-20 leaders. It’s set to break records by the end of this fiscal year.
Foreign Diplomats Embrace UPI
Recently, the German Embassy shared a picture on Twitter, showing Germany’s Federal Digital and Transport Minister Volker Wissing making a digital payment through UPI at a vegetable shop in India. UPI’s appeal is extending beyond borders.
UPI’s Remarkable Journey to Success
Launched in April 2016 by the National Payment Corporation of India, UPI revolutionized digital payments, enabling instant transactions via mobile phones without the need for a bank account, debit or credit card.
Over seven years, UPI has become the world’s most successful digital payment system.
Cashless Economy Thrives
Following demonetization in 2016, the Indian government promoted digital payments, encouraging a cashless economy.
UPI transactions surged during the COVID-19 pandemic, surpassing debit and credit card transactions in 2022.
Easy Digital Payments for Al
From tea and samosa vendors to e-rickshaw drivers and grocery shops, UPI offers a convenient, wallet-free way to make payments. It’s ideal for hassle-free transactions, even without change in your pocket.
Record-Breaking UPI Transactions in October
In October 2023, UPI saw a new record with 1.14 billion transactions worth Rs 17.6 lakh crore.
Year-on-year, transaction volume grew by 55%, and transaction value increased by 42%. The festive season is expected to drive even more UPI transactions in November.
Future Goals for UPI
At the Global Fintech Fest in September, NPCI chief Dilip Asbe announced a target of achieving 2 billion UPI transactions daily by 2030, showcasing UPI’s ambitious vision for the future.
