The popularity of the Unified Payments Interface (UPI) continues to grow, with the platform adding between 3 and 6 million new users each month, according to Praveena Rai, chief operating officer of the National Payments Corporation of India (NPCI).

Speaking at the Financial Express Modern BFSI Summit she said that the market share of RuPay credit cards has risen to 10% now from just 1% three years ago.

“Every month UPI adds from 3 to 6 million users. The love for UPI and how much users really enjoy, and benefit from using, it has not gone away,” said Rai.

The growth in UPI transactions has been fuelled by the RuPay credit card on UPI, and the launch of UPI in foreign countries via NPCI International Payments. The number of transactions on the UPI platform rose 49% year-on-year (y-o-y) to 13.9 billion in June, the latest data from the NPCI showed. The transaction value rose 36% y-o-y to Rs 20.1 trillion. The average daily transaction count was 463 million in Jun and the average daily amount was66,903 crore.

“UPI, of course, is a big pillar, but there is a whole credit piece with cards. RuPay today holds nearly more than 10% share markets starting with hardly 1% just three years back,” she added.

IMPS (Immediate Payment Service) and NACH (National Automated Clearing House) have also helped in increasing the popularity of UPI and digital payments.

Replying to a question about raising the transaction limit, she said the limits are reviewed continuously. She added that the limit is purpose and limit-based, it has a risk management element balanced with customer convenience. “If we find certain transactions are going beyond the limit on a continuous basis, then that limit can be reviewed,” she said.

Currently, there is Rs 1 lakh limit for UPI transactions while on IMPS the limit is Rs 5 lakh. In the case of RuPay, there is no product limit, the limit is based on the credit line of customers and the risk profile of the customer.

Within UPI itself, there are now subcategories that have higher limits. “There is a limit of Rs 2 lakh when it comes to paying what is called verified merchants, which means merchants where larger ticket transactions are expected to take place,” she said. “In certain cases, the limit is Rs 5 lakh. So, there are limits of Rs 1-2 and Rs 5 lakh available and this is reviewed on a continuous basis,” she added.