NPCI announces new UPI features to achieve 100 bn monthly transactions

National Payments Corporation of India has launched a slew of innovative products which will catapult the payments giant Unified Payments Interface to achieve 100 billion transactions a month. These products include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X.

The non-profit organisation also revised its target from 30 billion transactions a month to 100 billion on the back of these new features. 

This comes a week after UPI achieved the milestone of processing 10 billion transactions in August.  

The offerings were launched in the presence of Shatikanta Das, Governor, Reserve Bank of India (RBI) and Nandan Nilekani, co-founder and non-executive chairman of Infosys at the Global Fintech Fest in Mumbai on September 6. 

Nilekani said, “NPCI is the crown jewel of India’s technology sector. The structure of NPCI set up by RBI in 2008 as a non-profit company for payments, far expected expectations. It has set the stage for national information utilities. Using NPCI as the template we have several bodies now of similar structures whether it is GSTM for taxes, Digi yatra app, ONDC. All these other tech companies we have set up in India on non-profit basis to create on digital public infrastructure, use NPCI’s model. Hope they too will add value."

“In India, we are going from an offline informal low productivity economy to an online formal high productivity economy as millions of people join society, get digital ids, bank accounts, mobile solutions and use digital capital to get credit. In the next 20 years, we will see huge formalisation of India,” he further added. 

Das said, "The success of UPI is reflected in the sheer numbers, as it has scaled up in relatively a short period of time. More than 10 billion transactions for over Rs. 15 trillion value were carried out in August 2023. This number is steadily rising and India’s technology stack has accelerated digitalisation through mobile phones and internet."