Which platforms pay for India's three-way payments: RBI predicts UPI daily transactions will soon reach 1bn

According to data released by the National Payments Corporation of India (NPCI), the average daily transaction volume on the Unified Payments Interface (UPI) crossed 500 million in September, surpassing the 483 million in August.2024, UPI processed a total of 15.04 billion transactions in September, with a total value of a whopping Rs. 20.64 trillion.

Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the daily transaction volume of UPI is expected to reach 1 billion in the coming months, a significant growth from the current 500 million. Speaking during a panel discussion at the 30th International Banking Symposium in Washington DC on October 26, Das mentioned that RBI would not be in a hurry to announce a national rollout of the Central Bank Digital Currency (CBDC) as it is currently working on a comprehensive test. He emphasised, "UPI has brought efficiency to the payment system and the average daily transaction volume of UPI is currently around 500 million. We are endeavouring to further strengthen this figure with a target of one billion transactions in the coming months."

In addition, data from the National Payments Corporation of India (NPCI) also showed that the average daily transaction volume in September exceeded 500 million, up from 483 million in August.2024, the number of transactions processed by UPI in September reached 15.04 billion, with the value of the transactions totalling Rs 20.64 trillion.

RBI plans to connect UPI with payment systems in more countries.Das said, "UPI actually has huge potential in cross-border payments. We are also actively pushing to connect India's UPI with other countries' fast payment systems."

Currently, UPI is operational in seven countries - France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius and Nepal - besides India.