Parul
Unified payments interface (UPI) transactions rose manifolds between 2018 and 2022 in terms of value as well as volume, by 1,320 per cent and 1,876 per cent respectively.
In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022. In terms of value, the UPI transactions were Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022.
RBI had in February this year allowed access to foreign nationals and NRIs visiting India by enabling them to make payments using UPI while they are in India. This facility has been extended to travellers from G20 countries at select international airports (Bengaluru, Mumbai and New Delhi) for their merchant payments.
Further, a provision has also been made by RBI to provide UPI access to NRIs who have international mobile numbers linked to their NRE or NRO accounts. Also the National Payments Corporation of India (NPCI) has said that the facility is allowed for 10 countries namely Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE and United Kingdom.
The UPI acceptance in foreign countries started in 2022. NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI), is responsible for internationalisation of UPI. RBI has been facilitating engagements for the expansion of UPI in countries which have potential for collaboration, official sources said.
UPI transactions have been on the rise over the past few years owing to the arrival of several such interfaces, and people increasingly using them to make all sorts of payments, with small shopkeepers to big institutions preferring such modes of payments, a finance ministry official said. Also the government has been aggressively promoting these modes of payments, especially the BHIM app, which has gradually led to their increase, both in terms of volume and value, the official said.
