Record UPI Transaction Growth: March Volume Approaches INR 20 Lakh Cr
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News Synopsis
The UPI ecosystem in India continues to witness robust growth, driven by technological innovations, government support, and partnerships both domestically and internationally.
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UPI Transaction Growth:
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Transactions on the Unified Payments Interface (UPI) rose 11% month-on-month (MoM) to 13.44 billion in March 2024 from 12.10 billion.
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On a year-on-year (YoY) basis, the transaction count surged 55% from 8.7 billion.
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Transaction Volume:
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As per the National Payments Corporation of India’s (NPCI’s) data, the transaction volume in March stood at INR 19.78 lakh crore, up 8% from February’s INR 18.28 lakh crore.
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It also zoomed 40% from INR 14.1 lakh crore in the year-ago month.
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India's Global Digital Transactions Share:
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Reserve Bank of India (RBI) governor Shaktikanta Das mentioned that India accounts for nearly 46% of the world’s digital transactions.
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He attributed this jump to the increase in adoption of UPI, with its share in digital payments reaching close to 80% in 2023.
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NPCI Initiatives:
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NPCI has taken steps to promote UPI, adding new features and launching services to increase adoption.
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Innovations like UPI Lite, credit lines on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and BillPay Connect have been introduced over the years.
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Future Plans:
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NPCI is planning to introduce a new service for an interoperable payment system for net banking through NPCI Bharat Billpay (NBBL), facilitating quicker settlement of funds for merchants.
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Agreements with multiple countries, including Nepal, France, Sri Lanka, Singapore, UAE, have been made to take UPI global.
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Market Dominance:
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PhonePe and Google Pay dominate the UPI landscape in India, commanding over 80% share in 2023.
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Transaction numbers for March 2024 are yet to be released, but these entities remain prominent players.
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International Expansion:
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PhonePe announced its users can make digital payments in the UAE at Mashreq Bank’s NEOPAY terminals, indicating an expansion beyond India's borders.
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