India’s UPI Transactions Surge 56%
India’s Unified Payments Interface (UPI) transactions have witnessed a significant surge of 56%, reaching a record high in October with a value of Rs. 17.2 trillion (US$ 210 billion) and a volume of 11.41 billion transactions. This increase reflects a broader shift towards digital payments, facilitated by the ease of use and widespread adoption of UPI-based platforms among both consumers and merchants across India. Contributing to this growth are factors like increased digital adoption at various levels, penetration by UPI-based third-party apps, and their associated incentive programs. The National Payments Corporation of India (NPCI), responsible for UPI, has also introduced new features to enhance user convenience and expand UPI’s functionality, including voice-enabled payments and offline transaction capabilities, underscoring the evolving landscape of digital payments in India.
