UPI represents 80% of all digital payments in India
At RBI's Digital Payments Awareness Week event, RBI Governor Shaktikanta Das praised UPI, saying it handles about 80% of digital payments in India. With its recent releases in France, Sri Lanka, and Mauritius, UPI has become more well-known worldwide. According to Das, UPI transactions increased from 43 crore in 2017 to 11,761 crore in 2023.
"The flagship of our payment systems, the ‘UPI’, has become the most talked about fast payment system not only in India but across the world. It is the biggest contributor to the growth of digital payments in India. The share of UPI in digital payments has reached close to 80 per cent in 2023," he said.
"We have seen retail digital payments in India growing from 162 crore transactions in FY2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) i.e., approximately 90-fold increase over 12 years. Today, India accounts for nearly 46% of the world’s digital transactions (as per 2022 data)," the governor said.
The governor was speaking at the RBI headquarters in Mumbai during the central bank’s Digital Payments Awareness Week programme.
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