Key Points
UPI records 16.99 billion transactions in January 2024
Expanding to over 7 countries globally
Enables seamless cross-border digital payments
Demonstrates India's financial technology leadership
Professor Montes, who is on a tour to India for attending and speaking at the NXT event in the national capital on Saturday, was briefed about the working and achievements of UPI system which recorded an all-time high of 16.99 billion transactions in January this year with the value exceeding ₹Rs 23.48 lakh crore.
Montes was glad to see the success of the UPI payment system.
"The growth of UPI shows that the government is making sure that the technology that they develop is user friendly for citizens, and that there is a regular and constant innovation in the same which explains the high adoption rate of UPI in India," the Cambridge Professor noted.
He further said that UPI also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries.
Sudhir Shyam, Economic Adviser at Department of Financial Services (DFS), said that India's digital payments revolution is extending beyond its borders. UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad.
Currently, UPI is live in over 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius, allowing Indians to make payments internationally. This expansion will further bolster remittance flows, improve financial inclusion, and elevate India's stature in the global financial landscape.
Sundar also said that some other countries have also shown interest in UPI.
While the volume of total online transactions have increased massively over the years, the share is taken by UPI mainly due to ease and low cost of the transactions. The government is focused on bringing new innovations that will help UPI expand in uncovered areas as well.
