Finance Minister Nirmala Sitharaman on Monday, April 28, reviewed the current status of the Unified Payments Interface (UPI) ecosystem and outlined the roadmap for its future growth.In a high-level meeting attended by Finance Secretary Ajay Seth, Department of Financial Services Secretary M. Nagaraju, RBI Executive Director Vivek Deep, and NPCI MD & CEO Dilip Asbe, the Finance Minister underscored the need to target one billion UPI transactions per day within the next two to three years.
Recognising the 72% compound annual growth rate (CAGR) in UPI transactions between FY20 and FY25 and a growing user base of 45 crore annually active users, discussions focused on enhancing UPI’s resilience, scalability, and real-time monitoring capabilities.
The Finance Minister emphasised the need to work closely with all stakeholders to build a future-ready digital payments ecosystem, highlighting the following priorities:
— Accelerating the internationalisation of UPI and expanding global payment acceptance.– Intensifying efforts to onboard more users and merchants onto the UPI platform.– Addressing infrastructure gaps and enhancing the end-user experience.– Strengthening the cybersecurity framework to ensure secure transactions.In light of recent UPI outages over the past two months, the Finance Minister directed NPCI to reinforce the robustness of the UPI platform to prevent future disruptions.In FY25, UPI transactions amounted to ₹261 lakh crore, reflecting a 30% year-on-year growth. In terms of volume, 18,586 crore transactions were recorded in FY24-25, marking a 42% year-on-year increase.(Edited by : Akanksha Upadhyay)
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