The Reserve Bank of India’s (RBI) governor on Wednesday discussed strategies with stakeholders in the Unified Payments Interface (UPI) ecosystem to explore potential ways to expand UPI’s reach further.
Other issues discussed included challenges faced by the ecosystem, innovative solutions for addressing them, and creative ideas to integrate potential users into the digital payments ecosystem, the regulator said in a statement.
“There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI. The stakeholders shared their valuable inputs and suggestions,” the RBI said.
The meeting was attended by banks, the National Payments Corporation of India (NPCI), third-party application providers, and technology service providers. The deputy governor of the RBI, T Rabi Sankar, and other senior officials of the RBI also attended.
“The various suggestions received will be examined, and suitable action will be initiated in due course by the Reserve Bank,” the press release said.
Unified Payments Interface (UPI) transactions in India posted a record 56 per cent rise in volume and a 43 per cent rise in value in FY24 compared to the previous financial year.
This was the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23.
FY24 also saw record value touching Rs 199.9 trillion, compared to Rs 139.1 trillion.
In April, however, UPI transactions saw a marginal dip in volume and value by 1 per cent and 0.7 per cent, respectively, compared to March 2024.
In value terms, transactions were at Rs 19.64 trillion, compared to Rs 19.78 trillion in March. In volume terms, this was 13.3 billion in April, compared to 13.44 billion in March.
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