In just six years, UPI has become the most popular way Indians transact online. The mobile electronics payments system was used for over 6.57 billion transactions in the world’s second largest internet market last month. Now, it’s taking steps to supercharge its growth.
The payments network, which was built by a coalition of banks, is India’s attempt to challenge card companies in an open market, bring hundreds of millions of people into the fold of digital payments and curb the proliferation of corruption.
“During the period between March 2020 and August 2022, UPI usage grew by 427%,” said Shaktikanta Das, the governor of India’s central bank, at a conference Tuesday afternoon.
The central bank is working to expand UPI to “several nations in Asia and the Middle East and other parts of the world,” and is setting up an international subsidiary, he said.
“UPI has emerged as the pride of the nation… It’s one area where I think India can play a major leadership role in the world in the days to come. It’s a phenomenal product, but we need to be extremely watchful of its infrastructure as it scales,” he added.