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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<ul><li>India’s central bank has launched <keyword id="4361463" type="General" weightage="20" keywordseo="upi-payment" source="Orion">UPI payment</keyword> service for feature phones. </li><li>This will bring non-smartphone users to the platform and enable them to pay digitally without needing an internet connection. </li><li>The move will further fuel India’s digital payment adoption.</li></ul>The Reserve Bank of India (RBI) has rolled out Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) for feature phones. Following his announcement in December 2021, the RBI governor has now delivered the promise of bringing the simplified digital payment service to non-smart mobile phones in India. The UPI payment system was limited to smartphones with internet connectivity till now. While UPI turned out to be a hit for fuelling digital payments in the country, its accessibility to the masses with feature phones was awaited for a long time. “While we have been growing impressively in digital payments, a large part of digitisation is limited to people with smartphones. There are about 40 crore <keyword id="1094150" type="General" weightage="20" keywordseo="feature-phone" source="Orion">feature phone</keyword> users who have limited access to digital payments," said T Rabi Sankar, RBI deputy governor. UPI is a platform developed by the National Payments Corporation of India (NPCI) together with the Reserve Bank of India and the Indian Banks Association (IBA). It is a platform that brings together various banking services and features in a single app. Users have a unique UPI ID that can be used to send and receive payments using a secure PIN. These payments can be made using a mobile number associated with the UPI ID as well. Digital payment via UPI is not only safe, but it fastens and simplifies the way we send and receive money. It also makes payments seamless for new age app-based food delivery, ride-hailing, e-commerce and similar services. In the calendar year 2021, UPI touched record high transactions, both in volume and value terms. As per <a href="https://www.npci.org.in/what-we-do/upi/product-statistics">National Payments Corporation of India</a> (NPCI), UPI processed more than 38 billion transactions, amounting to ₹71.59 trillion. With the launch of UPI on feature phones, the transactions are projected to grow even further in CY 2022. SEE ALSO- <a href="https://www.businessinsider.in/india/news/india-records-3993-new-covid-19-cases-lowest-in-almost-two-years/articleshow/90068925.cms" data-type="tilCustomLink">India records 3,993 new COVID-19 cases, lowest in almost two years</a> <a href="https://www.businessinsider.in/sports/news/cristiano-ronaldo-is-reportedly-looking-to-leave-manchester-united-to-join-paris-saint-germain/articleshow/90068443.cms" data-type="tilCustomLink">Cristiano Ronaldo is reportedly looking to leave Manchester United to join Messi and Neymar at Paris Saint-Germain</a>

RBI rolls out UPI for feature phones — you will no longer need a smartphone or internet to make payments digitally

<ul><li><keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (<keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword>) 2.0, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s cashless payment interface, was launched by the <keyword id="6383340" type="UNKNOWN" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> on Thursday.</li><li>It’s an update to the original UPI platform that the Indian government launched back in January 2016. </li><li>The update will be rolled out to users through the interface’s 11 partner banks.</li></ul>India’s public cashless payment platform, the Unified Payments Interface (UPI), announced the rollout of UPI 2.0 on Thursday. While the country’s central bank, the Reserve Bank of India (RBI) facilitated with the development of the app, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is the organisation in-charge of retail payments in the country. The primary function of the UPI app is to serve as the middle-man for around-the-clock money transfers from one bank account to another without having to disclose the beneficiary’s bank account details. Having been in the works for nearly six months, the updated version has features that add to the authenticity of payments while others contribute towards added convenience. Here are some changes to watch out for: 
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 1. No more mismatch between payment requests and actual billing The original UPI platform, while having its merits, ran into a bit of a snag when there were complaints of actual bills on matching payment requests. UPI 2.0 attempts to solve that problem by adding the bill to the payment request itself. Users can verify the invoice and cross-check the vendor’s credentials before making the actual payment. 2. <keyword id="6804466" type="UNKNOWN" weightage="20" keywordseo="verified-qr-code">Verified QR code</keyword> In the past, there have been a few instances of QR code tampering where customers have made payments, but rather than it going to the vendor, the payments end up in a fraudulent account. What UPI 2.0 has put in place allows customers to check whether or not a particular merchant is verified, and in case they’re not, the user will get a notification to alert of possible fraud. 3. One time mandates One time mandates are like the post-paid for merchant payments. Within the new interface, users can pre-authorise a payment that will be executed at a later date as specified. It works both ways, for consumers and merchants alike. 4. Overdraft account In the past, users could only link their current and savings accounts to the app. But, UPI 2.0 allows for overdraft accounts as well. Not just in a filtered way, but with full bells and whistles that are associated with overdraft accounts. Using Immediate Payments Service (IMPS), the UPI process can be thought of like an email ID for making payments. Being faster than NEFT and without the time constraints, UPI is essentially an advanced version of the IMPS. It cuts down on costs and the effort associated with making payments. Just as UPI was a push towards enhancing the <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> culture in India, UPI 2.0 looks to encourage that even further. That being said, the adoption of cashless payments, though on the rise, shows the disparity in its penetration across the country.

UPI 2.0: Here’s what you need to know

Unified Payments Interface or <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> is one of the most popular payment systems in the country. It accounts for a major part of online transactions in India. Apart from banking apps, there are several popular third-party apps like <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>, Paytm and Amazon that support <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword>. Nirmala Sitharaman, the Finance Minister on Saturday <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">announced</a> that Merchant Discount Rate (MDR) charges will be waived off for UPI and RuPay transactions starting from January 1. Razorpay, a Bengaluru-based payment gateway reported that in <a href="https://razorpay.com/blog/upi-preferred-payment-mode-october-2019-data/">October 2019</a>, UPI accounted for 50.49% of transactions on its platform. What is UPI? Unified Payments Interface or UPI is an immediate real-time payment system developed by the National Payments Corporation of India (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the Reserve Bank of India (RBI). Soon after it was launched, banks announced their own UPI apps. It also paved the way for third-party apps such as PhonePe and Google Pay (earlier Google Tez). Within three weeks of the launch of its UPI app, ICICI bank <a href="https://www.businessinsider.in/icici-banks-upi-app-is-re-defining-banking-reaches-1-lakh-downloads/articleshow/54545741.cms">revealed</a> that its app had crossed 1 lakh downloads. According to <a href="https://www.businessinsider.com/upi-market-share-in-inda-open-for-taking-2019-8?IR=T">another report</a>, Google Pay and PhonePe ruled the roost with 36% market share each, while Paytm has 16% market share. This year, <a href="https://www.businessinsider.in/tech/apps/article/top-10-most-downloaded-apps-in-india/articleshow/72903156.cms">Google Pay crossed</a> 100 million downloads, registering a growth of 50% as compared to last year. UPI 2.0 announced with enhanced features Two years after the launch of UPI, the NPCI announced <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, a revamped version of UPI with several new features. The main highlight of UPI 2.0 is that it increased the per transaction cap to ₹2 lakh and the ability to link overdraft accounts. Earlier, users could only link their savings and current accounts to UPI. UPI 2.0 also has features like one-time mandate that allows users to pre-authorize a transaction, Invoice-in-inbox which allows users to verify the invoice before making a payment and more. These mandates are useful for buying into IPOs (Initial Public Offering), make recurring bill payments and more. How does UPI work? UPI is simple, free and it works 24x7. Users can send money by scanning QR codes or entering the <keyword id="4003296" type="PERSON" weightage="20" keywordseo="UPI-ID">UPI ID</keyword>. Apps like Google Pay and PhonePe simplify this process further and allow you to simply enter the phone number of the recipient. It means you don’t have to enter the recipient’s account number, bank name and IFSC code while making a payment. How to pay using UPI? UPI is also accepted as a payment mode on several popular platforms like Flipkart, Amazon, Paytm and more. To make a payment, all you have to do is follow these simple steps: <ul><li>In the checkout section, select UPI as the mode of payment. </li><li>Now, select the UPI app or enter your UPI ID, and a collect request will be sent to your phone. </li><li>Tap on the collect request – this will open the UPI app which you had selected. </li><li>Click on Accept and enter your UPI PIN. </li></ul>Your payment should be complete after successful authentication. See also: <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/tech/news/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a> <a href="https://www.businessinsider.in/business/news/not-many-new-players-will-enter-upi-space-report/articleshow/72425909.cms">Not many new players will enter UPI space: Report</a>

What is UPI and how does it work?

New Delhi, Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash with Unified Payments Interface (UPI) increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022. "Many experts are estimating that very soon India's <keyword id="16596261" type="General" weightage="20" keywordseo="digital-wallet-transactions" source="Orion">digital wallet transactions</keyword> are going to overtake cash transactions," he said. A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said. Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing. The facility was launched through token transactions by Reserve Bank of India Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage. Stressing that the linkage of UPI and PayNow is a new milestone in India-Singapore relations, Modi said, this will help people of both the countries to do cross border transactions through mobile phone in an affordable manner. Singapore is the first country with which cross-border Person-to-Person (P2P) payment facility has been launched, he said, adding, this will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and fintech to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Pointing out that the focus of the government is to promote innovation and modernisation, Modi said the Digital India programme of the government has enhanced 'Ease of Living' and 'Ease of Doing Business' and digital connectivity and has pushed financial inclusion. The Digital India programme has brought in significant reforms in governance and public service delivery. The linkage will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border fund transfers using their respective mobile apps. Funds held in bank accounts or e-wallets can be transferred to or from India using just the UPI-id, mobile number, or Virtual Payment Address (VPA), the Reserve Bank of India (RBI) said in a statement. To begin with, the statement said State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances. For Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution). More banks will be included in the linkage over time. Customers of the above participating banks can undertake cross-border remittances to Singapore using the bank's mobile banking app or internet banking. To begin with, an Indian user can remit up to Rs 60,000 in a day (equivalent to around SGD 1,000). At the time of making the transaction, the system shall dynamically calculate and display the amount in both currencies for the convenience of the user, it said. The UPI-PayNow linkage is the product of extensive collaboration between the RBI, Monetary Authority of Singapore (MAS), and Payment System Operators of both countries viz. NPCI International Payments Limited (NIPL) and Banking Computer Services Pte Ltd (BCS), and participating banks / non-bank financial institutions. This interlinkage aligns with the G20's financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments and will be a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, the statement said. India has emerged as one of the fastest-growing ecosystems for fintech innovation. A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well. The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister Modi thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India's G20 Presidency.

Digital transactions to soon exceed cash in India: PM Modi

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

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RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

ANI

RBI rolls out UPI for feature phones — you will no longer need a smartphone or internet to make payments digitally

Sudhanshu Singh

UPI 2.0: Here’s what you need to know

Prabhjote Gill

What is UPI and how does it work?

Rounak Jain

Digital transactions to soon exceed cash in India: PM Modi

PTI

India to introduce UPI payment service in Maldives

PTI

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

ANI

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