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UPI has revolutionized digital payments in the country, UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. As per ACI Worldwide Report 2023, around 46% of the global real-time payment transactions is happening in India. UPI has been the major driving force in the overall growth of digital payment transactions in the country accounting for 70% of digital payment transactions in FY 2023-24. In May 2024, UPI reached another milestone recording over 1,403 crore transactions in a single month for the first time.
Source : NPCI
UPI transactions are bifurcated into two categories:
. P2P (Person-to-Person) Transactions involve transfer of funds between two individual users or individual accounts through UPI.
. P2M (Person-to-Merchant) Transactions involve payments through UPI made from an individual to merchants or service providers.
Source : NPCI
Internationalization of UPI & RuPay:
India’s indigenously developed UPI and RuPay cards are world class platforms for enabling digital payments. Government is making efforts to promote these products globally.
. At present UPI is fully functional and live in UAE, France, Bhutan, Sri Lanka, Nepal, Singapore and Mauritius
. RuPay cards acceptance is live in Nepal, Bhutan, Singapore, UAE, and Mauritius
आगे पढ़ें...
UPI has revolutionized digital payments in the country, UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. As per ACI Worldwide Report 2023, around 46% of the global real-time payment transactions is happening in India. UPI has been the major driving force in the overall growth of digital payment transactions in the country accounting for 70% of digital payment transactions in FY 2023-24. In May 2024, UPI reached another milestone recording over 1,403 crore transactions in a single month for the first time.
Source : NPCI
UPI transactions are bifurcated into two categories:
. P2P (Person-to-Person) Transactions involve transfer of funds between two individual users or individual accounts through UPI.
. P2M (Person-to-Merchant) Transactions involve payments through UPI made from an individual to merchants or service providers.
Source : NPCI
Internationalization of UPI & RuPay:
India’s indigenously developed UPI and RuPay cards are world class platforms for enabling digital payments. Government is making efforts to promote these products globally.
. At present UPI is fully functional and live in UAE, France, Bhutan, Sri Lanka, Nepal, Singapore and Mauritius
. RuPay cards acceptance is live in Nepal, Bhutan, Singapore, UAE, and Mauritius