The Unified Payments Interface (UPI) network breached the milestone of 1,000 crore transactions per month in August 2023, processing a record 1,058 transactions. The platform had crossed 900 crore transactions per month in May 2023.
Analysis
NPCI is an umbrella organisation for all retail payment systems in India. UPI is used for immediate money transfer through mobile devices round the clock. UPI is currently available, besides India, in various countries like Singapore, Malaysia, Bhutan, Nepal, UK, Russia, Oman, Qatar and Europe. France, UAE and Sri Lanka came under the UPI service last week.