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NPCI launches new UPI products to achieve 100 bn monthly transactions

NPCI launches new UPI products to achieve 100 bn monthly transactions

| @indiablooms | 06 Sep 2023, 11:20 pm

New Delhi: The National Payments Corporation of India (NPCI) on Wednesday announced a string of innovative products aimed at boosting the payments giant Unified Payments Interface (UPI) to reach 100 billion monthly transactions.

The new products include a credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay, and UPI Lite X.

Recently, UPI achieved the milestone of processing 10 billion transactions in a month in August.

The organisation has also increased its target from 30 billion transactions a month to 100 billion following the introduction of new features.

Today, the new products were launched in the presence of Shatikanta Das, Governor, Reserve Bank of India (RBI) and Nandan Nilekani, co-founder and non-executive chairman of Infosys at the Global Fintech Fest in Mumbai.

“In India, we are going from an offline informal low productivity economy to an online formal high productivity economy as millions of people join society, get digital IDs, bank accounts, mobile solutions and use digital capital to get credit. In the next 20 years, we will see huge formalisation of India,” he added.

On the occasion, Nandan Nilekani said digital infrastructures like Aadhaar and UPI and also entrepreneurs. 

With 1,000 startups in 2016, India has nearly 100,000 startups, reflecting a 10X growth.

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