A digitalisation catalyst | The Financial Express

A digitalisation catalyst

Unified Payments Interface has clocked a record high of 6.6 billion transactions in August, with the total value of Rs 10.7 trillion.

A digitalisation catalyst
Finance Minister Nirmala Sitharaman has said the country has much loftier ambitions—1 billion UPI transactions per day by 2027.

Given the cost of internet data in India is one of the lowest in the world—it has fallen to $0.2 now from $0.7 for 1GB in 2020—the country’s internet user-base has grown phenomenally, driving digital payments. Unified Payments Interface has clocked a record high of 6.6 billion transactions in August, with the total value of Rs 10.7 trillion.

In fact, India accounts for 40% of all real time digital payments worldwide, according to ACI Worldwide.

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Even so, finance minister Nirmala Sitharaman has said the country has much loftier ambitions—1 billion UPI transactions per day by 2027.

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