RBI predicts UPI daily transactions to reach 1 billion soonwww.deekpay.com

## India's UPI transaction volume hits record high, may cross 1 billion transactions per day in future India's payment system is booming. According to the National Payments Corporation of India (NPC), the Unified Payments Interface of India (UPI) averaged more than 500 million transactions per day in September, up from 483 million in August.2024, UPI processed a total of 15.04 billion transactions in September, with a total transaction value of Rs. 206.4 trillion. Reserve Bank of India (RBI) Governor Shaktikanta Das said UPI is expected to reach 1 billion transactions per day in the coming months, up from the current 500 million. Speaking at the Group of Thirty's annual International Banking Seminar in Washington DC on 26 October, he said the RBI would not rush to launch the Central Bank for Digital Currencies (CBDC) across the country as they plan to conduct thorough trials. Highlighting the role of UPI in improving the efficiency of the payment system, Das said, "UPI is currently averaging about 500 million transactions per day, which we are trying to enhance further, and we are aiming at one billion transactions in the next few months." RBI also plans to connect UPI with payment systems in more countries to facilitate cross-border payments.Das pointed out, "UPI has a huge potential for cross-border payments and we have taken the initiative to connect India's UPI with fast payment systems in other countries." Currently, UPI is available in seven countries - France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius and Nepal - apart from India. Digital payments in India are growing rapidly, and the continued growth in UPI transaction volumes reflects the country's vibrant digital economy, which may continue to drive growth in the future. (Note: The above content has been re-organised and repetitive information has been removed, while short analyses and summaries have been included to enhance the quality of the article. Please make adjustments as appropriate)