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NEW DELHI — The digital payment growth continues to surge and Unified payments Interface (UPI) is now adding up to 60 lakh new users every month.
The stupendous growth in UPI transactions has been fuelled by the RuPay credit card on UPI, and the launch of the service in foreign countries.
According to the latest National Payments Corporation of India (NPCI) data, the number of transactions on the UPI platform went up 49 per cent year-on-year to 13.9 billion in June and the transaction value rose 36 per cent to Rs 20.1 trillion.
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Also, the average daily transaction count was 463 million and the average daily amount was 66,903 crore.
According to Praveena Rai, chief operating officer of the NPCI, the market share of RuPay credit cards has risen to 10 per cent from just 1 per cent three years ago.
Speaking at a media event in the national capital, she said that "Every month, UPI adds from 3 to 6 million users".
UPI's success in India has led to global collaborations across several countries.
The UAE-based Al Maya Supermarket has announced the acceptance of UPI-based payments across its outlets in the country.
According to Ajay Kumar Choudhary, non-executive chairman and independent director, NPCI, UPI has gone global and the India Stack's flagship offering is now available at the Eiffel Tower in Paris, Galeries Lafayette's flagship store in Haussmann ahead of Paris Olympics and certain countries in the Middle East.
NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years, Choudhary told IANS this week.
The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights.