Quick Summary
Union Finance Minister Nirmala Sitharaman has set an ambitious roadmap for India's digital payments ecosystem, emphasizing the need to achieve one billion Unified Payments Interface (UPI) transactions per day within the next two to three years. Chairing a high-level review meeting on the UPI ecosystem in New Delhi, the Finance Minister called for the acceleration of UPI's internationalisation and the development of interoperable frameworks to support cross-border transactions. The meeting was
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FAQ :
The main goal is to achieve one billion Unified Payments Interface (UPI) transactions per day within the next two to three years.
Union Finance Minister Nirmala Sitharaman is leading the initiative, chairing a high-level review meeting on the UPI ecosystem.
The plans include accelerating UPI's internationalisation and developing interoperable frameworks to support cross-border transactions.
UPI transactions have shown a compound annual growth rate (CAGR) of 72% between FY 2019-20 and FY 2024-25. In FY 2024-25, transactions reached ₹261 lakh crore, a 30% year-on-year increase.
Efforts include expanding the user and merchant base, enhancing digital infrastructure, improving end-user experience, and strengthening cybersecurity.
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