India’s UPI or the Unified Payments Interface accounts for greater than half of India’s digital transactions. Developed and launched by the NPCI (National Payments Corporation of India) in 2016, UPI now clocks over 9 billion transactions a month by way of quantity come 2023.

In July 2023, the worth of UPI transactions exceeded a whopping Rs 15 lakh crore! UPI can also be going international now with international locations like Sri Lanka, France and Singapore adopting its use. In this week’s episode of TOI Business Bytes, Praveena Rai, the Chief Operating Officer of NPCI talks concerning the journey of UPI. “The journey has been phenomenal, the data speaks for itself,” says Praveena Rai.

Watch the video above to know what steps are being taken by the NPCI to make sure penetration of UPI, the supply to have a UPI ID with the assistance of an Aadhaar Card, and the transfer to have Rupay Credit Cards on UPI.
“The objective for India is a less-cash economy. This is something we all agree…and we keep looking at where cash is being used and to solve the problems that people face, eliminate friction, so that it’s easier to use digital payments while cash is always available as an option,” Praveena Rai tells TOI within the video interview above.
Praveena additionally touches upon how UPI goes international with bilateral and central financial institution agreements. She categorizes the danger to frauds as cyber frauds which can be extra massive scale and centrally oriented and the social engineering led frauds that impression a smaller proportion of individuals, however require elevated consciousness.
Finally the NPCI COO discusses the rising utilization of RuPay Credit and Debit Cards, particularly with RuPay Credit Cards now on UPI. Launched in 2012, the RuPay was conceived by the NPCI as a substitute for Mastercard and Visa.