UPI transaction in the country can reach up to 100 billion, NPCI head said this

[ad_1]

Dilip Asbe, Managing Director and Chief Executive Officer (CEO) of the National Payments Corporation of India (NPCI), said that India has the potential to do more than 100 billion transactions through UPI. This will be 10 times the current monthly transactions through UPI in the country. Since the launch of UPI as a unified payment platform in the year 2016, the number of transactions done through it has crossed 10 billion in the month of August.

2 billion daily transactions through UPI by 2030

Addressing the Global Fintech event here, Dilip Asbe said that at present 35 crore people within the country use UPI and there is scope for three times increase in their number. Asbe said, if you take the combined effect of this, we can reach 10 times the transaction from the current situation. Although Asabe did not mention any timeline to achieve this target, he said that India will start doing two billion transactions daily through UPI by 2030.

Tie-up plans to ensure seamless payments

On the issue of increasing the use of the Unified Payments Interface (UPI) system internationally, Asbe said that by 2030, there is a plan to forge an alliance between India and 30 major countries of the world to ensure seamless payments. The NPCI chief said that the use of credit cards in the country can also increase tenfold, but for this it will be necessary to provide the right platform from the banks. Currently, global payments card company Visa processes 22.5 billion transactions per month, compared to over 11 billion through its rival Mastercard.

[ad_2]

Source link