SUMMARY
The Unified Payments Interface (UPI) transaction value grew over 42% YoY to INR 18.41 Lakh Cr in January 2024
UPI transaction volume went up 52% to 1,220 Cr in January
UPI recorded 1,202 Cr UPI transactions in December last year, crossing the 12 Bn mark for the first time
The Unified Payments Interface (UPI) transaction value grew over 42% YoY to INR 18.41 Lakh Cr in January 2024, while the volume went up 52% to 1,220 Cr, according to National Payments Corporation of India (NPCI).
The payment infrastructure recorded a whopping 1,220 Cr transactions worth INR 18.23 Lakh Cr.
UPI recorded 1,202 Cr UPI transactions in December last year, crossing the 12 Bn mark for the first time.
NPCI is looking at 10,000 Cr monthly transactions and unveiled several UPI innovations at the global fintech fest 2023. These innovations include credit line access, offline NFC-based payment options like UPI LITE X and Tap & Pay and conversational payment solutions like Hello! UPI and BillPay Connect.
The NPCI said the products aim to create an inclusive, resilient, and sustainable digital payments ecosystem in the country. The launches are in line with the central bank’s earlier announcements.
It is also looking to integrate BHASHa INterface for India (Bhashini), a government-backed artificial intelligence-powered translation platform, to allow users to make conversational payments in Indian languages.
Users will be able to check bank balances, make business-to-business money transfers, book LPG cylinders, recharge FASTag, and renew insurance, among others, once the integration is completed.
UPI has expanded globally to countries like France, Bhutan, Nepal, UAE, and Canada. India is in talks with New Zealand and several South American and African countries to introduce UPI in those regions.
Google is reportedly collaborating with NPCI Payments International Limited (NPIL), a subsidiary of the National Payments Corporation of India (NPCI), to expand its Google Pay service into international markets. With this move, Google Pay will join other payment aggregators such as PhonePe and Paytm, which are also exploring entry into foreign markets.
Meanwhile, ecommerce giant Flipkart has also recently rolled out its Unified Payments Interface (UPI) offering to the first batch of users.
