UPI has achieved the double milestone of one billion transactions as well as has crossed 100 million users. The National Payments Corporation of India (NPCI) which launched the domestic payments platform three years ago and operates it as well aims to take the fund transfer system to other countries such as Singapore and the United Arab Emirates (UAE).
UPI, which has over 141 banks on board right now, has emerged as a major payments alternative to debit, credit and e-wallets. In September alone, the UPI-based recorded 955.02 million transactions worth over Rs 1.61 lakh crore as compared 918.35 million transactions a month ago, the National Payments Corporation of India (NPCI) data stated. On a year-on-year basis, UPI transactions have increased 2.3 times or 135 per cent. UPI is a payment interface of the National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India.