New Delhi:    India’s Unified Payments Interface (UPI) has outstripped top global digital payment platforms with impressive growth. From April to July this year, UPI processed transactions totaling nearly Rs 81 lakh crore, reflecting a 37 percent year-on-year increase.

According to recent data from global payments hub Paysecure, UPI handled 3,729.1 transactions per second, a 58 percent increase from the 2,348 transactions per second in 2022. This surpasses the performance of major platforms like China’s Alipay, PayPal, and Brazil’s PIX.

In July, UPI transactions exceeded Rs 20.6 lakh crore, the highest monthly figure to date. The total value of UPI transactions remained above Rs 20 lakh crore for three consecutive months. Paysecure’s review of 40 leading payment methods underscores India’s leadership in digital transactions, with UPI being used for a significant portion of them.

Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), predicts that UPI could reach 100 billion transactions over the next 10-15 years, fueled by growth in credit usage. UPI’s credit feature has recently been introduced, with commercial details expected soon.

Official figures show UPI recorded 13.89 billion transactions in June, slightly down from 14.04 billion in May. PwC India forecasts that UPI transactions will increase from approximately 131 billion in 2023-24 to 439 billion by 2028-29, potentially accounting for 91 percent of all retail digital transactions.

RBI Governor Shaktikanta Das announced that the Reserve Bank of India (RBI) aims to make UPI and RuPay global. At the Global Fintech Fest in Mumbai, he discussed plans to implement UPI-like systems abroad, facilitate QR code payments at international merchants, and link UPI with other countries’ Fast Payment Systems (FPS) for cross-border transactions.