RBI shares future plan as daily UPI transactions cross 36 crore mark in India's Digital Payment landscape

UPI Payment in February 2023: Reserve Bank of India Governor Shaktikanta Das announced on Monday that daily UPI payments have increased rapidly, with a 50 percent rise in payments through UPI in a year, crossing the figure of 36 crores. During February 2022, the figure was 24 crores. In terms of value, these transactions amount to Rs 6.27 lakh crore, which is 17 percent more than the Rs 5.36 lakh crore recorded in February 2022. The governor inaugurated the Digital Payments Awareness Week at the RBI headquarters, where he informed that the total monthly digital payment transaction has crossed the Rs 1,000 crore mark every time for the last three months.

Das also noted that India's UPI payment system is being discussed globally, with many countries showing interest in it. After December 2022, more than 1 thousand crore transactions have taken place every month. A survey of Pan India digital payment found that 42 percent of people are making digital payments. The number of UPI transactions exceeded 800 crore in January 2023, while NEFT has done more transactions of 3.18 crore transactions on 28 February. UPI was launched in 2016, and since then, it has emerged as a famous and preferred payment mode.

According to the figures for January, UPI transaction volume has increased from 0.45 crore in January 2017 to 804 crore in January 2023. The value of UPI transactions has increased from just Rs 1,700 crore to Rs 12.98 lakh crore during the same period. Shaktikanta Das said that RBI will adopt 75 villages to promote digital payments. The PSOs will adopt 75 villages and convert them into digital payment-enabled villages, running digital payment awareness programs by involving the people of these villages.

Daily UPI payments have increased rapidly, reaching a significant milestone in terms of transaction volume and value. The global discussion around UPI payments and the RBI's plan to promote digital payments in villages indicate that UPI will continue to grow as a preferred payment mode.