One Billion UPI Transactions Per Day Is Near-term Goal: NPCI Chief

The National Payments Corporation of India (NPCI) chief Dilip Asbe has said the "near-term goal" is to get to a billion transactions daily via the Unified Payments Interface (UPI) platform.

Asbe was part of a panel discussion at the News18 Rising India Summit when he said this.

By the "near term," Asbe refers to the next two to three years.

Currently, 30 crore (0.3 billion) transactions take place over UPI every day.

The NPCI chief anticipates tenfold growth, or getting to three billion transactions every day, by 2030, which he believes to be the true potential of India.

Thus, he calls the impressive UPI numbers of the present "a great beginning."

UPI is currently the most-preferred and most-used payment system in India that allows users to transfer money between bank accounts instantly using their mobile phones. 

In a statement, NPCI said that the bank account-to-bank account transactions, which constitute over 99.9 per cent of total UPI transactions, will remain free of charge.

It issued this clarification amid some confusion among customers and merchants about the recently introduced interchange charges for certain UPI transactions.