Other countries are keen on associating with the Unified Payments Interface (UPI), and foreign delegates are amazed at the adoption of digital payments by street vendors, Prime Minister Narendra Modi told Moneycontrol in an exclusive interview ahead of the G20 Summit in New Delhi.
"Today, when foreign delegates visit India, they are amazed to see street vendors asking customers to pay through a QR code through UPI," Modi said.
The Prime Minister added that the adoption of UPI by people from all walks of life in society has helped the platform become the largest real-time digital payments platform in the world.
"No wonder India accounted for almost half of the real-time digital transactions that happened in the world! Even other countries are keen on associating with UPI, so much so that Indians find themselves having the option of paying through UPI even outside India!" Modi added.
UPI is aiming for 2 billion transactions per day by 2030, fuelled by the growth of credit on the platform, according to National Payments Corporation of India (NPCI) chief Dilip Asbe. The platform is currently riding high on its recent milestone of crossing over 10 billion monthly transactions in August.
"On the credit side, we should see at least -- with the fintechs getting involved -- I think 10x growth in users on the credit side, and it is not very ambitious. And at least 50 percent of the top 30 markets or countries will have pipes with UPI for cross-border transactions," NPCI Managing Director (MD) and Chief Executive Officer (CEO) Dilip Asbe said on September 5 at an event.
Within the next year, it is quite likely that UPI will surpass Mastercard in daily and monthly transaction volumes, even though the card network has been around for more than 60 years and is present in over 190 countries.
UPI recorded 10.58 billion transactions in the month of August while the total value of transactions stood at Rs 15.76 lakh crore. The transaction volume growth stood at 61 percent year-on-year (YoY) in August, while the transaction value grew 47 percent during the month.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
