UPI crosses ₹10 trillion transactions in May

According to data from India's retail payments umbrella body National Payments Corporation of India (NPCI), the homegrown payments system UPI processed approximately 6 billion payments in May, surpassing the Rs. 10 trillion (US$ 128.95 billion) mark.

The value of transactions increased 5.9% month over month, more than doubling from the Rs. 4.9 trillion (US$ 63.18 billion) transacted in May of previous year.

Prime Minister Mr. Narendra Modi has introduced initiatives like UPI Lite, which aims to boost small-ticket offline digital payments, and UPI123Pay, which allows transactions to be completed using feature phones without an internet connection, thus expanding the scope of the digital payments ecosystem.

Meanwhile, a report released on June 2 by digital payments provider PhonePe and Boston Consulting Group (BCG) predicted that India's digital payments market will more than triple to US$ 10 trillion by 2026. According to the report, both global and domestic fintech companies have been major drivers of UPI adoption among end users in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.