Mumbai: The National Payments Corporation of India has launched a slew of innovative products targeted at the Unified Payments Interface to achieve 100 billion transactions a month. These products include credit lines on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X.
NPCI has incidentally revised its target from 30 billion transactions a month to 100 billion on the back of these new features. This came a week after the UPI achieved the milestone of processing 10 billion transactions in August.
The offerings 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.
Das said, “The success of UPI is reflected in the sheer numbers, as it has scaled up in relatively a short period of time. More than 10 billion transactions for over Rs. 15 trillion value were carried out in August 2023. This number is steadily rising and India’s technology stack has accelerated digitalisation through mobile phones and internet.”
Added Nilekani said, “Using NPCI as the template we have several bodies now of similar structures whether it is GSTM for taxes, Digi yatra app, ONDC. All these other tech companies we have set up in India on non-profit basis to create digital public infrastructure, use NPCI’s model. Hope they too will add value.”