RBI governor discusses ways
to scale up UPI ecosystem with stakeholders
Reserve
Bank of India (RBI) Governor Shaktikanta Das on Wednesday discussed strategies
with stakeholders of the United Payments Interface (UPI) ecosystem on potential
ways for further expansion.
Some
other issues that were taken up were challenges encountered by the ecosystem
and how these could be addressed. Innovative ideas were sought to integrate
potential users into UPI, the regulator said in a statement.
There
were wide-ranging discussions on various aspects to widen and deepen the
adoption and usage of UPI. The stakeholders shared their valuable inputs and
suggestions, the RBI said.
The
meeting was attended by bank officials, National Payments Corporation of India
(NPCI) executives, third party application providers and technology service
providers.
Deputy
Governor of RBI T Rabi Sankar and other senior officials of the apex bank also
attended the meeting.
The
various suggestions received will be examined and suitable action will be
initiated in due course by the RBI, the press release said.
UPI
transactions in India saw a record 56 per cent surge in volume and 43 per cent
rise in value during financial year 2023-24 (FY24), compared to FY23.
It
was for the first time that UPI transactions (by volume) crossed 100 billion
and closed at 131 billion in a financial year, compared to 84 billion in
2022-23.
FY24
also saw a record value, touching Rs. 199.9 trillion, compared to Rs. 139.1
trillion during the same period of the previous financial year.
In
April, however, UPI transactions saw a marginal dip in volume and value by 1
per cent and 0.7 per cent, respectively, compared to March.
In
value terms, transactions were at Rs. 19.64 trillion, compared to Rs. 19.78
trillion in March. By volume, this was 13.3 billion in April, compared to 13.44
billion in March.
www.business-standard.com
dt. 09.05.2024