Targeting a Billion UPI Transactions: India's Payment Revolution

Finance Minister Nirmala Sitharaman calls for collaborative efforts to address UPI infrastructure gaps, aiming for a billion transactions per day. Recent outages underscore the need for robust systems and international growth, as UPI sees rapid adoption with significant transaction growth and increased user base.

Finance Minister Nirmala Sitharaman has urged stakeholders to collaborate in addressing infrastructure deficiencies and aims to achieve one billion Unified Payments Interface (UPI) transactions daily within the next few years. Her comments come amid recent outages that have affected users nationwide.

In response to these challenges, the Finance Minister emphasized enhancing user experience and strengthening cybersecurity. The National Payments Corporation of India (NPCI) has been directed to boost the resilience of UPI systems to prevent further disruptions.

The UPI platform continues to experience remarkable growth, with a compound annual growth rate of 72%. By 2024-25, UPI transactions are expected to see continued expansion in both value and volume, reflecting its increasing adoption across India.

(With inputs from agencies.)