In 2020, UPI transactions reached $457 billion, growing to $611 billion by FY 2022, and projected to surpass $800 billion by FY 2023, highlighting remarkable growth.
In 2021, UPI recorded $2.8 trillion in transactions, growing to $3.5 trillion by FY 2022, with a projected $4.5 trillion for FY 2023, highlighting its remarkable expansion.
1. Financial Inclusion at Scale 2. Unprecedented Convenience 3. Enhanced Transparency and Reduced Corruption 4. Cost-Efficiency 5. Speedy Transactions
UPI's success has inspired other nations, such as Nigeria, Singapore, and the United Arab Emirates, to consider adopting similar digital payment systems to modernize their financial infrastructure.
UPI maintained and improved its 98% fraud prevention success rate in 2022 and 2023, owing to robust multi-layered security features, ensuring secure digital payments.