Yes, UPI has crossed the milestone of processing 500 million transactions on a daily basis for a couple of times in August. This is a significant jump for UPI in daily volume as the Indian government has set the ambitious target of clocking 1 billion transactions per day by UPI by 2026-27.
UPI is a platform that began in November 2018 and has experienced exponential growth, marking the transition from monthly achievements to daily ones in less than six years. The CEO of NPCI, Dilip Asbe, is even more optimistic, targeting 100 billion UPI transactions per month.
The reason why the UPI platform thrived is mainly because of its user-friendly interface as well as an expanding ecosystem of participating banks and fintech companies. However, PhonePe, Google Pay, and Paytm remain the key players for UPI, while CRED, NAVI, Groww, Slice, and Flipkart are also being considered.
NPCI’s expansion program covers UPI services that are now available in Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE. Thus, it has become a global reference for real-time payment systems, given its rapid adoption rate and consistent growth.
The future of UPI looks promising with the introduction of UPI credit lines coupled with a growing user base that expands by up to 6 million new registrations on a monthly basis. As such, it will create another milestone for digital payments and financial inclusion in India after maturing.
