UPI's Dominance: Capturing 80% of India's Digital Payments in 2023
By Karmactive Staff
The National Payments Corporation of India introduced UPI in 2016, completely altering the financial environment in India.
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By Karmactive Staff
According to the RBI, UPI's share of digital transactions will almost reach 80% by 2023
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By Karmactive Staff
Governor Shaktikanta Das credits the development of a variety of payment methods for this increase.
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By Karmactive Staff
The number of digital payment transactions increased from 1,620 to approximately 14,726 million between 2012–2013 and 2023–2024.
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By Karmactive Staff
India is now a global leader in digital transactions, accounting for 46% of all transactions.
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By Karmactive Staff
The RBI's DPI showed a four-fold increase in just five years, demonstrating the explosive expansion of digital payments.
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By Karmactive Staff
Features like AI-driven conversational payments, UPI123 Pay for feature phones, and NFC-based offline payments have all been added to UPI.
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By Karmactive Staff
Using a VPA, UPI processes about 420 million transactions per day, enabling immediate payments.
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By Karmactive Staff
UPI's user-friendly interface and QR code-based technology have contributed significantly to the success of digital payments in India.
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By Karmactive Staff
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