RBI Deputy Governor: UPI User Base Can More Than Double to 1 Billion

• RBI Deputy Governor T Rabi Sankar stated that UPI has the potential to expand its user base from 400 million to 1 billion.
• India accounts for about 50% of global retail payment transactions, yet digital transactions per person need to catch up with advanced economies.
• A 10% increase in digital payments could add 0.3% to India's GDP, highlighting its economic impact.
• UPI has become the most popular payment mode, processing 81% by volume of total retail payment transactions in India.
• The Reserve Bank is actively linking UPI with Fast Payment Systems (FPSs) of other countries, with Singapore linkage live and projects with UAE and Nepal in progress.

Why It Matters: UPI's user base is projected to more than double to 1 billion, driving financial inclusion and economic growth.