India’s UPI largely replaced currency in circulation, semi-urban areas account for largest share: Report
UPI
State Bank of India (SBI) in its latest report has said that the Unified Payments Interface (UPI) has replaced much of the currency in circulation. Of all, the largest share in UPI transactions is of semi-urban areas at 35 per cent. Metros account for a 20 per cent share in the value of total UPI transactions, while urban areas account for 20 per cent and rural for 25 cent.
According to the report, the top 15 Indian states in terms of using UPI for digital payments are Andhra Pradesh, Maharashtra, Telangana, Karnataka, Uttar Pradesh, Rajasthan, Tamil Nadu, Bihar, West Bengal, Odisha, Kerala, Madhya Pradesh, Gujarat, Assam and Haryana. The states accounted for 90 per cent of total UPI transactions in terms of value, and the average ticket size ranged from INR 1,600 to 2,000 ($19 to $25).
“Thus, UPI has effectively replaced much of the currency in circulation,” the SBI report mentioned.
UPI: Driving India’s digital payment revolution
According to the Economic Survey 2023 released earlier this year by India’s Finance Ministry, more than 52 per cent of 8,840 crore financial digital transactions were done using UPI in the financial year 2022-23.
December 2022 was the month which saw UPI touching its highest-ever mark in transactions in terms of value. A whopping 782 crore transactions worth INR 12.8 lakh crore were made during that month alone.
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India to export UPI to Gulf nations
The UPI’s owner, which is the National Payments Corporation of India (NPCI), is in talks to export UPI to several Gulf countries including the UAE and Bahrain. As per media reports, the move will incredibly help Indian workers living and working there, as they regularly send money to their family members living in India.
Watch:UPI to take over 90% of retail digital payments in India
The NPCI has already allowed Non-Resident Indians (NRIs) from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, and the UK to use UPI on their international number while they stay in India.
Japan also interested in using UPI
Japanese Digital Minister Kono Taro last month in an exclusive interview with WION revealed that his nation was seriously considering joining India's UPI payment system.
Speaking with WION's correspondent Sidhant Sibal,Minister Taro said, “Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability. G7 agrees to establish a new framework with a new secretariat on cross-border data flow and we are hoping that the Indian government will join this framework.”
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