UPI transactions have increased 70 times in the last 4 years: SBI report

According to a report by the State Bank of India (SBI), the use of Unified Payments Interface (UPI) across the country has increased 70-fold in the past four years. A special research report from the State Bank of India’s Department of Economic Research – A Guide to Formalizing the Economy since Fiscal Year 2018 says up to 3.5 billion transactions worth 6.3 trillion were recorded through UPI in October 2021, an increase of 100 percent, while the transaction value is up almost 103 percent compared to October 2020

“Indian consumers have now made a massive move to a better technology platform like UPI that does not require POS device intervention or factor authentication. UPI transactions have grown 70x over the past 4 years,” the report said .

The report was written by Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.

“Indian consumers now prefer convenient payment at the push of a button. The vast amount of information generated as a passive by-product of leveraging such UPI transactions holds great promise as a transformative resource for real-time policy and evidence-based policy making, ”the report continued.

The data shows that UPI transactions have increased 69-fold since 2017, while debit card transactions have stagnated accordingly, suggesting people’s preference and switching to UPI mode.

Prime Minister Narendra Modi on Friday praised the use of Unified Payments Interface (UPI) across the country and said digital transactions in India had increased 19-fold over the past seven years.

“UPI has quickly become the world leader in digital transactions. In just seven years, digital transactions in India have grown 19x. Today, our banking system is 24/7 ready to use. ” , all over the country, “said the Prime Minister when speaking at the launch of two customer-facing initiatives by RBI.

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