NPCI sees UPI’s user base growing fivefold to 500 millions in three years

National Payments Corp. of India (NPCI) is expecting the growth of the user base of real-time payment system Unified Payments Interface (UPI) by fivefold to 500 million in the next three years, chief executive officer Dilip Asbe said.

“UPI has recently crossed 100 million users, making it one of the fastest adoptions of any payments system anywhere in the world. NPCI’s objective for the next three years is to expand the UPI user base to 500 million,” Asbe said in an interview. The UPI was developed by NPCI, which is backed by the Reserve Bank of India.

NPCI will released official data for payments transactions—by value and volume—on November 1. It has been learned from it that UPI transactions hit a new record of nearly 1 billion in October. As much as 955.02 million transactions worth ₹1.61 trillion were clocked during September, against 93,000 transactions worth ₹3.1 crore when it was launched three years ago in August 2016.

“It is encouraging to witness digital payments being widely accepted across the country. UPI’s integration with third-party apps and bank support has provided impetus to P2P (peer-to-peer) as well as P2M (person-to- merchant) electronic payments which resulted in this momentous achievement,” Asbe said, adding that in the next two years, the merchant ecosystem will get digitized.

UPI is simple, easy and safe which has made it too popular amonst users. UPI makes it possible for the users to transfer money any time across multiple bank accounts without needing to enter any kind of details of the account of the beneficiary.

As government is pushing the boost in digital payments in India through launching various measure, National Payments Corporation of India (NPCI) is now expecting real-time payment system Unified Payments Interface’s (UPI’s) user base to get increased five times in the next three years to 500 million, NPCI chief executive officer Dilip Asbe said.

UPI has recently crossed 100 million users, making it one of the fastest adoption of any payments system anywhere in the world. NPCI’s objective for the next three years is to expand the UPI user base to 500 million,” Asbe told Mint.

The payments system, that has given other digital payment modes such as wallets, debit cards, credit cards, run for their money, was developed by Reserve Bank of India (RBI) backed NPCI.

Updated: November 14, 2019 — 2:41 am

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