Industry Odisha Bureau, Aug 10: The UPI network, launched by NPCI has completed 10 glorious years of existence. The data released by the National Payments Corporation of India (NPCI), shows a record of 92 billion transactions and a growth of 23.5% YoY increase.
After scoring domestic transactions, the platform is currently operative in 9 countries. Singapore, UAE, Bhutan, Nepal, Sri Lanka, France, Mauritius, Qatar and most recently in Cambodia have adopted UPI. NPCI is offering technological support to countries like Namibia, Peru and Trinidad and Tobago. The countries will build and operate a similar system with the help of NPCI.
As its popularity is emerging, NPCI CEO Dilip Asbe aspires to launch the cross-border payments in 15-20 markets in the next decade. “The way India is self-sufficient on domestic payments, we would like to be as much self-sufficient on cross-border payments as well,” he added. NPCI is in dialogue with Japan, Malaysia and Bahrain to roll out the UPI network in the respective countries.
Additionally, NPCI is exploring agentic AI to facilitate payments through OpenAI’s ChatGPT and Alphabet Inc.’s Gemini, he added. Recently, the Lok Sabha approved legislation allowing banks and other payment aggregators to levy charges on UPI transactions. However, users have been exempted from any transaction fee. FM Nirmala Sitharaman said in a X post that NPCI is yet to decide on any charges.
Also Read: UPI To Remain Free For Users, Nominal MDR For Merchant Transactions!
