EXCLUSIVE | India has crossed 10 bn UP transactions, more to come: RBI At G20

RBI Digital Innovation Pavilion stall has been set at Bharat Mandapam to showcase the digital rupee & an innovation hub. 

| Updated: 09 September, 2023 2:16 pm IST

NEW DELHI: Reserve Bank of India (RBI)l has said widespread acceptance and adoption of Unified Payments Interface (UPI) — India’s instant payment system developed by the National Payments Corporation of India (NPCI) since 2016 for peer-to-peer (P2P) and person-to-merchant (P2M) transactions — has now recorded 10 billion transactions in August this year.

RBI General secretary Kashyap Balakrishnan made this disclosure while speaking to The New Indian at Bharat Mandapam, the site for G 20 summit in India.

“UPI, a true game-changer, is easy, secure, and fast. It has not only set milestones but continues to rewrite the digital payment narrative, reaching new heights with each passing month. This August we crossed 10 billion transactions,” Balakrishnan said.

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RBI Digital Innovation Pavilion stall has been set at Bharat Mandapam to showcase the digital rupee & an innovation hub. On Friday, G20 coordinator Harsh Shringla had said India’s potential of DPI to provide solutions that empower citizens and nations across the world must be shared with the giant leaders at the ongoing summit.

Balakrishnan confirmed that the new UPI figure for 10 billion excludes other modes of digital payments such as INGS, RTGS, NEFT, Debit, and Credit cards for the overall transactions.

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“The growth trajectory of UPI is nothing short of phenomenal, a trajectory that only seems to ascend,” he said.

Balakrishnan admitted that a section of rural India is still skeptical over” fraudulent transactions.

“That fear is always there, but then we are doing a lot of awareness activities to educate people on how not to get caught in a fraud,” he said.

He added it was not appropriate to shift the blame on the e-payment system.

“Electronic payments themselves are not the root cause of fraud. Rather, frauds occur when the underlying transactions are fraudulent,” he said.

“Digital payments are easy, secure, and fast. You don’t need to carry cash,” he added.

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