RBI Expects UPI Transactions To Soon Hit 1 Bn

The Reserve Bank of India (RBI) expects daily Unified Payments Interface (UPI) transactions to reach one billion in the next few months, up from the current 500 million transactions per day. RBI Governor Shaktikanta Das highlighted the efficiency brought by UPI to the payments system during a panel discussion at the Group of Thirty’s Annual International Banking Seminar. The RBI is also working on linking UPI with payment systems of other countries to facilitate cross-border transactions. The central bank is taking a cautious approach to the nationwide rollout of the Central Bank Digital Currency (CBDC), focusing on thorough trials to ensure its robustness and security.