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Reserve Bank of India (RBI) Governor Shaktikanta Das expressed optimism about the continued global expansion of the Unified Payments Interface (UPI), envisioning its presence in more countries in the near future. Speaking during a five-day visit to the state, Das highlighted UPI’s growing international footprint, noting that it is already operational in several countries through QR codes and the integration of fast payment systems. He confirmed that discussions are ongoing with additional nations to further extend UPI’s reach.Das’s comments align with his earlier statements made at an event in Mumbai, where he emphasized the significant progress UPI has made globally. Countries such as Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France have already adopted UPI for transactions, including the use of RuPay cards. These developments, according to Das, underscore a collaborative effort to internationalize India’s payment systems.

India’s UPI has become a global leader in digital payments, surpassing major platforms like China’s Alipay, PayPal, and Brazil’s PIX. In the April-July period of this year, UPI processed transactions worth nearly Rs 81 lakh crore, marking a 37% year-on-year increase. The latest data from Paysecure, a global payments hub, revealed that UPI handled 3,729.1 transactions per second—a 58% surge from the previous year, underscoring its dominant position in the digital payments landscape.In July alone, UPI transactions exceeded Rs 20.6 lakh crore, setting a new record for monthly transactions. The platform has consistently processed transactions above Rs 20 lakh crore for three consecutive months, further cementing its role as a critical component of India’s digital economy. Paysecure’s analysis of 40 top alternative payment methods worldwide highlights India’s leadership in digital transactions, with over 40% of payments made digitally, predominantly via UPI.Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), projected that UPI could reach 100 billion transactions within the next 10-15 years, driven by credit growth. Credit has already been integrated into UPI, with commercial details expected to be released soon.

Official data shows that UPI recorded 13.89 billion transactions in June, slightly down from 14.04 billion in May. A report by PwC India predicts that UPI transactions could more than triple from 131 billion in 2023-24 to 439 billion by 2028-29, potentially accounting for 91% of all retail digital transactions.(With Inputs From Agencies)

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