India’s Unified Payments Interface (UPI) continues its meteoric rise, as confirmed by the Ministry of Finance’s recent announcement of over 9,300 crore transactions during the fiscal year 2023-24, up to December 31st. Minister of State for Finance, Bhagwat Karad, disclosed these figures on Monday, shedding light on the remarkable growth trajectory of UPI.
Minister’s statement also highlighted the internationalization of UPI, with a significant surge in transactions conducted by foreign nationals and non-resident Indians (NRIs). The Reserve Bank of India’s circular dated February 10, 2023, paved the way for this inclusivity, allowing foreign nationals and NRIs access to UPI services while in India. Moreover, travelers from G20 countries also utilized UPI for merchant payments at select international airports in Bengaluru, Mumbai, and New Delhi.
Notably, NRIs with international mobile numbers linked to their non-resident external (NRE) or non-resident ordinary (NRO) accounts have been granted access to UPI, extending its reach across various countries. The National Payments Corporation of India (NPCI) has confirmed that this facility is currently available in several nations, including Australia, Canada, France, the United States, and others.
He presented comprehensive data reflecting the exponential growth of UPI transactions over the past four financial years:
- 2023-24 fiscal: 9,338.38 crore transactions, totaling 1,43,47,778.98 crore INR
- 2022-23 fiscal: 8,371.44 crore transactions, totaling 1,39,14,931.61 crore INR
- 2021-22 fiscal: 4,595.61 crore transactions, totaling 84,15,899.88 crore INR
- 2020-21 fiscal: 2,233.07 crore transactions, totaling 41,03,657.82 crore INR
- 2019-20 fiscal: 1,251.86 crore transactions, totaling 21,31,730.13 crore INR
These statistics underscore the remarkable surge in both the frequency and value of UPI transactions, signaling its robust adoption among Indian consumers and its growing popularity on the global stage.
The mounting usage of UPI not only signifies a paradigm shift in India’s digital payment landscape but also reflects its increasing relevance in international transactions, fostering greater financial inclusion and convenience for users worldwide.
