India’s UPI (Unified Payments Interface) accounts for more than half of India’s digital transactions, with over 9 billion transactions a month in terms of volume expected by 2023. In July 2023, the value of UPI transactions exceeded Rs 15 lakh crore. UPI is also gaining international recognition, as countries like Sri Lanka, France, and Singapore adopt its use. Praveena Rai, the Chief Operating Officer of NPCI (National Payments Corporation of India), discusses the journey of UPI and its future milestones.

Next Milestones for India’s Digital Payments Revolution

UPI Transactions & RuPay Cards: What’s The Next Milestone for India’s Digital Payments Revolution?

In an interview with TOI, Praveena Rai highlights the objective of achieving a less-cash economy in India. She explains that the focus is on identifying areas where cash is still prevalent and addressing the challenges faced by people in using digital payments. The goal is to eliminate friction and make digital payments more convenient, while still keeping cash as an option for those who prefer it.

Rai also discusses how UPI is expanding globally through bilateral and central bank agreements. She acknowledges the risks of fraud, categorizing them as cyber frauds and social engineering-led frauds. While cyber frauds are large-scale and centrally oriented, social engineering-led frauds impact a smaller percentage of people but require increased awareness.

Finally, Rai talks about the growing usage of RuPay Credit and Debit Cards, particularly with the launch of RuPay Credit Cards on UPI. Introduced in 2012, RuPay was developed by the NPCI as an alternative to international card networks like Mastercard and Visa.

Watch the Video

For more insights into the future of UPI and digital payments in India, watch the video above. Praveena Rai explains the steps taken by the NPCI to ensure the widespread adoption of UPI, the provision of UPI IDs with the help of Aadhaar Cards, and the introduction of RuPay Credit Cards on UPI.

  • India’s UPI accounts for over half of the country’s digital transactions
  • 9 billion UPI transactions per month expected by 2023
  • UPI transactions exceeded Rs 15 lakh crore in July 2023
  • UPI goes global with adoption in Sri Lanka, France, and Singapore
  • NPCI COO Praveena Rai discusses the journey of UPI
  • NPCI focuses on achieving a less-cash economy in India
  • Efforts to eliminate friction and make digital payments more convenient
  • Expansion of UPI through bilateral and central bank agreements
  • Risks of cyber frauds and social engineering-led frauds
  • Growing usage of RuPay Credit and Debit Cards

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