AMN
Instant payment system Unified payments interface (UPI) has crossed the mark of 10 billion transactions for the first time in the month of August 2023. Prime Minister Narendra Modi hailed this achievement. In reply to a post by National Payments Corporation of India (NPCI) in social media, the Prime Minister called it exceptional news. He said it is a testament to the people of India embracing digital progress and a tribute to their skills. He hoped that this trend will continue in future.
Data from NPCI shows that 10.5 billion transactions were recorded on the platform in August. The volumes are mainly driven by three players in the segment — PhonePe, Google Pay and Paytm. In July last year, PhonePe processed around 4.7 billion transactions, followed by Google Pay at 3.4 billion.
As per NPCI officials, India has been following two strategies. First is to help build digital infrastructure and platforms for partner countries and enter into commercial linkages and partnerships with existing financial platforms to make payments for Indian travellers and migrants easier.