The Unified Payments Interface (UPI) has been instrumental in transforming payments in India by making mobile payments a seamless process. It is one of the most widely accepted and used modes of payments in India. In a testament to the digital revolution sweeping across the country, UPI has crossed the 10 billion transactions for the second straight month in September.
The National Payments Corporation of India (NPCI) informed the same saying, “Make seamless payments from your mobile in real-time with UPI.” As per the information, UPI has recorded 10.56 billion transaction count in September, registering a 56% YoY growth.
The transaction volume has witnessed a marginal hike from Rs 15.76 lakh crore in August to Rs 15.80 lakh crore in September. Also, the transaction amount has seen a growth of 41% on yearly basis. While, the number of transactions reduced from 10.58 billion in August to 10.56 billion in September.
New UPI launches at GFF
UPI has seen significant developments recently at the Global Fintech Fest (GFF) held in September 2023. These developments not only caught the attention of users and industry experts, but with this NPCI is also reinforcing its commitment to revolutionize India’s digital landscape. NPCI had launched UPI ATM, Credit line on UPI, Hello! UPI, UPI LITE X and Tap & Pay, among others at GFF 2023. Here is all you need to know:
UPI ATM: It is Interoperable UPI QR based cash withdrawal. With this, any participating bank account holder can walk to a UPI enabled ATM to withdraw cash effortlessly using any UPI application, thereby eliminating the conventional method of using physical cards and streamlining the transaction process.
Credit Line on UPI: This has been launched to expand access to credit, promote financial inclusion and innovation. This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionize customer access to credit, fostering a more streamlined and digital banking ecosystem.
UPI LITE X and Tap & Pay: Through this feature, users can send and receive money whilst being completely offline, enabling transactions even in areas with poor connectivity,
Hello! UPI: The introduction of conversational UPI payments will augment user experience by enabling them to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages. This expansion will broaden payment accessibility for most Indians who are fluent in their native Languages.
Notably, With its introduction in 2016, the growth of UPI transactions has been nothing short of phenomenal. The factors that have been supporting and fueling the growth of UPI transactions include rapidly increasing smartphone user base, government initiatives such as the Digital India campaign, involvement of Fintech and its innovations, etc.
Becoming an integral part of everyday life for millions, UPI will play a pivotal role in shaping the nation’s financial landscape by offering convenience, inclusivity, and security.