In the fiscal year 2023-24, India witnessed a remarkable surge in Unified Payments Interface (UPI) transactions, crossing a staggering 9,300 crore transactions by December 31, 2023. This announcement came from the Minister of State for Finance, Bhagwat Karad, on Monday, shedding light on the nation’s burgeoning digital payment ecosystem.
Addressing inquiries regarding the inclusion of foreign residents in the UPI user base, Minister Karad disclosed that a total of 386 transactions were conducted in foreign countries during 2022. The Reserve Bank of India (RBI) paved the way for foreign nationals and non-resident Indians (NRIs) to access UPI through a circular dated February 10, 2023. This progressive move enabled them to seamlessly conduct UPI payments while in India.
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Furthermore, NRIs with international mobile numbers linked to their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts are now eligible to utilize UPI services. The National Payments Corporation of India (NPCI) extended this privilege to several countries including Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, and the US.
Karad’s comprehensive presentation included detailed data on UPI transactions over the past four fiscal years:
– 2023-24 fiscal year: 9,338.38 crore transactions with a value of INR 1,43,47,778.98 crore
– 2022-23 fiscal year: 8,371.44 crore transactions with a value of INR 1,39,14,931.61 crore
– 2021-22 fiscal year: 4,595.61 crore transactions with a value of INR 84,15,899.88 crore
– 2020-21 fiscal year: 2,233.07 crore transactions with a value of INR 41,03,657.82 crore
– 2019-20 fiscal year: 1,251.86 crore transactions with a value of INR 21,31,730.13 crore
It’s essential to understand that “volume” denotes the frequency of UPI usage, while “value” represents the total monetary transactions conducted. For instance, in 2019-20, UPI was utilized over 1,251.86 crore times, involving a sum of INR 21,31,730.13 crore.
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These developments signify a significant stride towards global accessibility of UPI and underscore the robust growth of UPI transactions both domestically and internationally. They underscore the pivotal role of digital payments in India’s financial landscape, offering convenience and efficiency to millions across the nation and beyond.
