UPI transactions in India have increased over the last two years, giving a powerful boost to PM Modi’s ‘Digital India’ mission.
According to the Reserve Bank of India, the volume of UPI transactions shot up by nearly 13 times while the value of transactions risen by around 20 times during FY18 and FY20.
Talking about the digital payments in India, Amitabh Kant, CEO, Niti Aayog today wrote in a tweet that UPI with 18 billion transactions annually has surpassed Amex at 8 billion. Amex, Visa, and Mastercard are all decades old, but a five-year-old UPI has overtaken Amex and will definitely surpass Visa and Mastercard over the course of the next 3 years, he added.
UPI became the most popular payment mode in India after demonetization in November 2016. Gradually, people got habituated and the convenience in using UPI pushed its growth in the Indian market.
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