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UPI transactions skyrocket to 11 billion in two months
The Business Guardian
|November 18, 2023
India’s Unified Payments Interface (UPI) has continued its meteoric rise, reaching an impressive milestone of 11 billion transactions, as reported by the Reserve Bank of India (RBI) in its latest monthly bulletin. Within a span of merely two months, UPI added another billion transactions, highlighting its rapid adoption and growing significance in the country’s digital payment landscape.
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The RBI bulletin emphasized the substantial uptick in the Initial Public Offering (IPO) facility through UPI, showcasing nearly double the number of mandates in October 2023 compared to the corresponding period in 2022. This robust adoption signifies the increasing trust and reliance on UPI for a wide array of financial transactions.
Additionally, the bulletin highlighted the continued upward trajectory of credit cards, attributing their growth to incentives like cashbacks, reward points, contactless features, and the integration of UPI with credit cards, further consolidating the platform’s influence.
This story is from the November 18, 2023 edition of The Business Guardian.
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