Union finance and corporate affairs minister, Nirmala Sitharaman , on Monday, chaired a high-level meeting to review the current state and future direction of the Unified Payments Interface (UPI) ecosystem.
During the meeting, FM Sitharaman stressed the need to accelerate the “internationalisation” of UPI through interoperable frameworks and expanding global payment acceptance. She further highlighted the need to achieve 1 billion UPI transactions per day, over next 2-3 years.
The discussions focused on enhancing the resilience, scalability, and real-time monitoring of the UPI infrastructure to ensure seamless service delivery and strengthen user confidence.
UPI has seen phenomenal growth in recent years. Transactions have registered a compound annual growth rate (CAGR) of 72% from FY 2019–20 to FY 2024–25. Officials shared that around 26 crore new users and 5.5 crore new merchants joined the UPI platform between FY 2021–22 and FY 2024–25, bringing the total number of annually active users to approximately 45 crore.
In FY 2024–25 alone, UPI transactions amounted to Rs 261 lakh crore, marking a 30% year-on-year growth in value. In terms of volume, 18,586 crore transactions were recorded during the year, a 42% increase compared to the previous year.
Senior officials from the ministry of finance, the Reserve Bank of India (RBI), and the national payments corporation of India (NPCI) attended the meeting, including finance secretary Ajay Seth, M Nagaraju, secretary, department of financial services, Vivek Deep, executive director, RBI, and Dilip Asbe, MD and CEO of NPCI.
The finance minister encouraged all stakeholders to step up efforts to onboard more users and merchants, widen UPI’s footprint, and make it even more accessible. Stressing the importance of resilience, she urged officials to address infrastructure gaps, enhance the end-user experience, strengthen cybersecurity, and reinforce UPI’s robustness to prevent future disruptions.
The NPCI has been tasked with leading these initiatives and ensuring that UPI continues to be a reliable and trusted platform for millions of users, both in India and internationally.
During the meeting, FM Sitharaman stressed the need to accelerate the “internationalisation” of UPI through interoperable frameworks and expanding global payment acceptance. She further highlighted the need to achieve 1 billion UPI transactions per day, over next 2-3 years.
The discussions focused on enhancing the resilience, scalability, and real-time monitoring of the UPI infrastructure to ensure seamless service delivery and strengthen user confidence.
UPI has seen phenomenal growth in recent years. Transactions have registered a compound annual growth rate (CAGR) of 72% from FY 2019–20 to FY 2024–25. Officials shared that around 26 crore new users and 5.5 crore new merchants joined the UPI platform between FY 2021–22 and FY 2024–25, bringing the total number of annually active users to approximately 45 crore.
In FY 2024–25 alone, UPI transactions amounted to Rs 261 lakh crore, marking a 30% year-on-year growth in value. In terms of volume, 18,586 crore transactions were recorded during the year, a 42% increase compared to the previous year.
Senior officials from the ministry of finance, the Reserve Bank of India (RBI), and the national payments corporation of India (NPCI) attended the meeting, including finance secretary Ajay Seth, M Nagaraju, secretary, department of financial services, Vivek Deep, executive director, RBI, and Dilip Asbe, MD and CEO of NPCI.
The finance minister encouraged all stakeholders to step up efforts to onboard more users and merchants, widen UPI’s footprint, and make it even more accessible. Stressing the importance of resilience, she urged officials to address infrastructure gaps, enhance the end-user experience, strengthen cybersecurity, and reinforce UPI’s robustness to prevent future disruptions.
The NPCI has been tasked with leading these initiatives and ensuring that UPI continues to be a reliable and trusted platform for millions of users, both in India and internationally.
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