GPAY Payment Gateway: Indian Payment Platform UPI Reaches 100 Million Users, Prepares for International Expansion

The National Payments Corporation of India (NPCI), a consortium of 21 Indian banks, recently announced that it has crossed the 100 million user mark for its Unified Payments Interface (UPI) and is gearing up to expand to international markets. Countries such as the United Arab Emirates (UAE) and Singapore are considering adopting UPI.

NPCI, a non-profit organisation in India, launched its UPI system in 2016 to enable users to transfer funds via mobile devices. The system supports accounts from different banks within a single app, offers two-factor authentication with one-click activation, and ensures security by not requiring users to enter detailed financial information.UPI can be used to pay utility bills, transfer money between friends, and make purchases in brick-and-mortar shops, and also supports barcode payments.

Thanks to the collaborative efforts of leading Indian banks, the UPI system had over 100 million users within three years of its launch. In October this year alone, the number of transactions exceeded 1 billion.

According to the Times of India, the UPI system has not only been a remarkable success within India, but is gearing up to be rolled out in the global market. Countries like UAE and Singapore are gearing up to receive UPI.

In fact, NPCI announced in September this year that the UAE would be one of UPI's strategic international markets. This decision was influenced by the fact that India is the largest trading partner of the UAE and the UAE is India's third largest trading partner. Bilateral trade is expected to exceed $100 billion by 2020.