UPI set to Hit 1 Billion Transactions per day by 2025
Ten News Network
New Delhi (India), 9th March 2023: According to Dilip Asbe, managing director and chief executive officer of National Payments Corporation of India (NPCI), daily transactions on the unified payments interface (UPI) platform could reach 1 billion in the following three years as UPI realises its full potential.
Asbe expressed confidence in India’s payments system, which is regarded as one of the best in the world.
Asbe said during a panel discussion at Moneycontrol’s inaugural India Fintech Conclave (IFC), “I don’t think UPI has achieved its potential yet. For a country like India, we should do 10x of what we are doing.”
He further said,“Realistically, if all of us continue the same efforts… I believe that in two to three years we will reach 1 billion transactions. By 2025, we should be able to achieve it.”
The timing of Asbe’s remarks coincides with an all-time peak in daily UPI transactions. At the beginning of the Digital Payments Awareness Week earlier this week, RBI Governor Shaktikanta Das told reporters that over the previous 12 months, daily transactions had reached 36 crore, a 50 percent increase in volume from February 2022, while UPI transactions had increased by 17 percent over February of last year to Rs 6.27 lakh crore in value.