UPI transactions to account for India's 90% of retail digital transactions: RBI
Mumbai: The Unified Payments Interface (UPI) is projected to contribute to 90 percent of retail digital transactions volume in the coming five years, according to the Reserve Bank of India (RBI) bulletin.
“UPI is expected to account for 90 percent share of the total retail digital transactions volume in the next five years, growing from 75.6 percent in the fiscal year (FY) 2022-2023,” the bulletin said.
This projection indicates the increasing popularity and adoption of UPI as a preferred mode of digital payments in India.
In May 2023, Unified Payments Interface (UPI) transactions in India reached a value of Rs 14.3 trillion and a volume of 9.41 billion.
This represents a 2 percent increase in value compared to April 2023 (Rs 14.07 trillion) and a 6 percent increase in volume compared to April 2023 (8.89 billion).
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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