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RBI Expects UPI Transactions To Soon Hit 1 Bn

Inc42 · 10m ago

RBI Expects UPI Transactions To Soon Hit 1 Bn

RBI governor Shaktikanta Das expects Unified Payments Interface (UPI) transactions to reach one billion in the upcoming months, doubling the current volume of 500 million transactions per day. Das highlighted the efficiency UPI has brought to the payments system during his speech at a banking seminar in Washington, DC.

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UPI transactions near 17 Bn in January

Entrackr

Entrackr · 6m ago

UPI transactions near 17 Bn in January

UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.

UPI transactions cross 11 Bn for second month in November

Entrackr

Entrackr · 1y ago

UPI transactions cross 11 Bn for second month in November

In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.

UPI transaction crosses 10 Bn for second consecutive month

Entrackr

Entrackr · 1y ago

UPI transaction crosses 10 Bn for second consecutive month

The Unified Payments Interface (UPI) has crossed 10 billion transactions for the second consecutive month, recording 10.56 billion transactions worth Rs 15.8 lakh crore (Rs 15.8 trillion) in September. The transaction volume remained flat compared to August, but industry experts anticipate increased UPI adoption in the future, potentially reaching 1 billion transactions per day. PhonePe currently holds 47% market share in terms of volume, with Google Pay and Paytm also recording significant transaction numbers. The UPI service has expanded to several countries and recently launched India's first UPI-ATM.

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

Inc42 · 1y ago

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

The Reserve Bank of India (RBI) has proposed increasing the UPI payment limit to INR 5 Lakh for transactions related to hospitals and educational institutions, up from the current limit of INR 1 Lakh. The RBI has also suggested removing the additional factor of authentication (AFA) for e-mandates of recurring transactions up to INR 1 Lakh, such as mutual funds and insurance premium payments. Furthermore, the RBI will establish a cloud facility to enhance the security and privacy of financial sector data, and a repository for fintech companies will be set up.

RBI Increases UPI Limit For Tax Payments To INR 5 Lakh

Inc42 · 1y ago

RBI Increases UPI Limit For Tax Payments To INR 5 Lakh

The RBI has increased the UPI tax payment limit from INR 1 Lakh to INR 5 Lakh per transaction, making it easier for consumers to make payments through the UPI. Additionally, the central bank has introduced delegated payments through the UPI, allowing primary users to authorize secondary users to make UPI transactions up to a limit set by the primary user from their linked bank account.

UPI Transactions See Marginal Rise To 15.04 Bn In September

Inc42 · 11m ago

UPI Transactions See Marginal Rise To 15.04 Bn In September

- UPI transactions in September: INR 20.64 Lakh Cr, a 0.14% increase from the previous month - YoY growth in UPI transactions volume: 31% - NPCI considering increasing market share cap for UPI apps from proposed 30% - Total UPI transaction volume remains strong despite a small month-on-month increase - UPI continues to be a popular and widely used payment method in India

UPI transactions for August likely to have crossed 10-billion mark

Money Control

Money Control · 1y ago

UPI transactions for August likely to have crossed 10-billion mark

India's unified payments interface (UPI) is expected to surpass 10 billion transactions for the first time in August, per data from the National Payments Corporation of India (NPCI). The UPI platform reached 9.89 billion transactions in July, and with a daily average of 330 million transactions in August, it's projected to hit around 10.5 billion transactions, marking a 5% month-on-month growth. UPI, which has shifted from person-to-person transfers to driving commerce, is targeting 30 billion transactions per month within the next few years. Around 57% of UPI transactions are now merchant-related, largely driven by QR code adoption.

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

Inc42 · 1y ago

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

The National Payments Corporation of India (NPCI) is considering a lower interchange fee for credit lines on the Unified Payment Interface (UPI) in an effort to promote their adoption. The current interchange fee for credit card transactions is around 1.8%-2%, but the NPCI is exploring a fee ranging between 1%-1.2% for credit lines on UPI. Banks and fintech apps like Paytm and Google Pay are ready to offer credit lines on UPI, but are waiting for clarity on the interchange fee. The RBI approved credit lines on UPI in September 2020.

Credit On UPI: Unlocking Responsible Retail Lending In India

Inc42 · 1y ago

Credit On UPI: Unlocking Responsible Retail Lending In India

Credit on UPI allows borrowers to access loans as needed, without the limitations of traditional loans. UPI has experienced rapid growth, reaching 1 billion transactions in over 3 years and exceeding 13 billion transactions in April 2024 alone. Credit on UPI has the potential to generate $1 trillion in transaction spends by 2030.

UPI sets all-time high with 19.47 Bn transactions in July

Entrackr

Entrackr · 27d ago

UPI sets all-time high with 19.47 Bn transactions in July

UPI sets all-time high with 19.47 Bn transactions in July Unified Payments Interface (UPI) processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to data released by National Payments Corporation of India (NPCI). This marked a 5.8% rise in transaction volume and a 4.3% increase in value compared to June 2025, when UPI logged 18.40 billion transactions totaling Rs 24.04 lakh crore. The average daily transaction count also pushed higher to 628 million in July. Year-on-year, UPI maintained its strong growth momentum, with the transaction volume in July 2025 rising by 35% and the total value of transactions increasing by 22% compared to July 2024. While the breakdown numbers for UPI apps are yet to be released, PhonePe accounted for 46.5% of the total UPI volume and nearly 50% of the value as of June. Google Pay captured a 35.6% share by volume and 35% by value, while Paytm remained in third place with 6.9% of the total UPI volume and 5.6% of the value. UPI is live in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI plans further expansion to Qatar, Thailand, Malaysia, and other Southeast Asian nations. The UK, Oman, Maldives, and Namibia are also exploring or initiating UPI integration. According to reports, ICICI Bank has started charging payment aggregators and large merchants a fee for UPI transactions, breaking the zero-fee model. This move marks a shift in India’s UPI system, which was previously free for merchants under a government-backed policy.

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