UPI Surpasses 11 Billion Transactions During Festive Season
India's Unified Payments Interface (UPI) has added another billion transactions in just two months, reaching 11 billion. This milestone, highlighted in the Reserve Bank's monthly bulletin, marks the quickest addition of a billion transactions to date.
The bulletin reveals that the Initial Public Offering (IPO) facility through UPI has experienced robust adoption, with the number of mandates nearly doubling in October 2023 compared to the same month in 2022.
Credit cards continue their upward trajectory, fueled by cashback, reward points, contactless cards, and the integration of UPI-linked credit cards. This growth aligns with the evolving preferences of consumers in the digital payment landscape.
Worldline Reports Impressive UPI Surge
Global payments service provider Worldline reported a substantial 62% surge in UPI transactions in the first half of 2023 compared to last year's corresponding period. This surge brings UPI transactions to 9.3 billion in June 2023, showcasing a jump from 151 million in January 2018.
According to the 'India Digital Payments Report for H1 2023,' out of 51.91 billion UPI transactions between January and June, 29.15 billion were Person-to-Merchant (P2M) payments, constituting approximately 56.1% of the total. This signifies a shift in transaction dynamics, with P2M transactions accounting for 57.5% in June 2023, compared to 40.3% in January 2022.
The remaining transactions, witnessing a 22% increase from 18.62 billion in H1 2022 to 22.75 billion in H1 2023, contribute to the diverse landscape of digital payments. Simultaneously, the value of Person-to-Person (P2P) transactions has seen a significant 41% increase, growing from ₹45.52 trillion to ₹63.99 trillion during the same period.
In a move to ensure orderly development in cross-border payments, the Reserve Bank of India (RBI) has decided to regulate entities involved in payment and settlement for cross-border export/import transactions. These entities will be designated as "Payment Aggregators – Cross Border (PA-CB)" under the Payment and Settlement Systems Act, 2007.
The surge in UPI transactions, coupled with the evolving dynamics of digital payments, highlights India's rapid transition towards a cashless economy. The RBI's regulatory measures for cross-border payments further signify the commitment to fostering a secure and orderly financial environment.
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