India’s Unified Payments Interface (UPI) processed a record 7.82 billion transactions in December, worth a total of INR 12.82tn ($174.6bn). This represents an increase of 7.12% in volume and 7.73% in value compared to November. On a year-on-year basis, volume and value increased by 71% and 55% respectively.
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The National Payments Corporation of India (NPCI), which manages and operates UPI, has a target of one billion transactions per day. NPCI hopes to achieve this within the next three to five years.
It is an umbrella non-for-profit organization that operates the retail payments and settlement systems across India. It was founded in December 2008. It has been registered under Section 8 of Companies Act 2013. The organisation was established by Reserve Bank of India and Indian Banks’ Association. It is owned by a consortium of major banks.
It is an instant real-time payment system which has been developed by National Payments Corporation of India. This interface provides for the inter-bank transactions. It is regulated by the Reserve Bank of India. Around 207 banks are available on UPI, as of December 2020, that accounts for the transaction of 2334.16 million monthly.
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