Daily UPI transactions set to touch ₹100 crore shortly, says RBI official
GS3Economy · S&T · Environment · Security· Monetary policy, RBI & banking· Prelims·
Why in news
RBI official V.S. Prajish stated that daily UPI transactions are expected to reach ₹100 crore soon as UPI approaches its tenth anniversary in April 2026.
Background
Daily UPI transactions are currently valued at approximately ₹75 crore. UPI accounts for nearly 85% of all digital transactions in India.
Facts for Prelims
- FactUPI accounts for nearly 85% of digital transactions in India
- FactDaily UPI transactions are currently worth around ₹75 crore
- BodyDigital Intelligence Platform (DIP) was developed by the Department of Telecommunications (DoT)
- FactDIP has helped avert potential fraud worth around ₹500 crore in recent months
For Mains
Q. Discuss how the expansion of the Unified Payments Interface (UPI) and the Digital Intelligence Platform (DIP) contribute to the formalization of the Indian economy and financial security.
Dimensions to cover in your answer
- Fraud mitigation: Integration of banks and payment aggregators with DIP for real-time mobile number validation
- Digital infrastructure: Scaling of UPI as a primary driver for financial inclusion and transaction volume
- Cybersecurity: Addressing the growing risk of cyber financial fraud in high-volume digital payment ecosystems
Keywords: Digital Public Infrastructure · Financial Inclusion · Cyber Financial Fraud · Payment Aggregators · Real-time Payments
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This note is generated automatically from SatyaDheesh's news feed and mapped to the UPSC CSE syllabus. Check facts against the original report or PIB before using them in an answer.