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India's UPI leads the way in global non-cash transaction boom

In August, UPI-based payments in India achieved a milestone by surpassing 10 billion monthly transactions for the first time, as reported by the National Payments Corporation of India (NPCI). Monthly transaction counts on UPI reached 10.24 billion, with a net transaction value of Rs 15.18 trillion.

Vishal Upadhyay Edited By: Vishal Upadhyay New Delhi Published on: September 14, 2023 14:12 IST
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Image Source : FILE Worldwide non-cash transactions surge, UPI dominates in India

A recent report from Capgemini Research Institute predicts that global digital transactions will nearly reach 1.3 trillion this year, a strong growth of about 16.6%. This surge is mainly because India is quickly adopting UPI payments. Looking forward to 2027, the report suggests that worldwide digital transactions could double since 2022, reaching around 2.3 trillion. In India, the UPI system saw a big increase, almost two times in volume and transaction value from 2021 to 2022.

According to IANS, the report pointed out that in 2022, UPI payments in India were more popular than credit and debit card payments. This means UPI is now the preferred way for people and businesses to pay in India.

India's central bank is planning a new feature for UPI. This feature will let people lock their account funds and finish payments after they get the service. This could make UPI even more popular, especially for online shopping, possibly replacing paying with cash on delivery.

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The report also talked about how regulations and initiatives from India's central bank are making the payment industry more competitive, organised, and innovative. In August, UPI payments in India made history by going over 10 billion transactions in just one month. The total value of these transactions was about Rs 15.18 trillion.

Around the world, digital payments are expected to grow a lot, especially in Asia Pacific, Europe, and North America.

Jeroen Holscher, who leads Payments Services at Capgemini, said that how we manage cash needs to change. Business leaders are feeling pressure because it's taking longer to convert cash. Most of the transactions around the world are retail payments, which means buying things for personal use. Commercial payments, which involve businesses, make up the rest.

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In Asia Pacific, it's almost equal, with about half of the transactions being commercial and half being retail.

More and more businesses are using digital payments because of new solutions and industry projects. Also, businesses now expect their banks to make payments as easy as when they buy things for themselves. This report shows how India's UPI system is making a big impact on digital payments worldwide.

Inputs from IANS 

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