The National Payments Corporation of India (NPCI) is looking for transactions worth USD 1 trillion through is i On an annual basis, as digital payments are progressing in the country. There is a lot of progress in the field of digital payments in the country. last year, total digital payment Transactions reached nearly 55 billion in terms of numbers, with all forms of payments being lumped together, said NPCI Managing Director & CEO Dilip Asbe Speaking at the Global Fintech Fest 2021 (GFF 2021).

“And, this year, we may have about 70 billion[number of digital transactions],” he said.

Last year, there were about 22 billion transactions on the UPI platform. He said this year it could be around 40-45 billion transactions.

“Given the value, we believe that UPI will be valued at over USD 1 trillion on an annual basis. We are looking at around 300 million active users monthly on the digital payments ecosystem. In all, UPI is around 200. Maybe a million,” Asbe said.

The NPCI chief said there are a large number of merchants who are accepting digital payments, including small merchants, which is more than 50 million.

He said, “However, I still believe that a 10-fold growth is possible. The cash in circulation is around Rs 30 lakh crore. While this continues to grow, digital payments are also on the rise, even cash. Still more.”

He said schemes like Direct Benefit Transfer (DBT) and Jan Dhan Yojana are bringing cash into circulation.

“I still believe that a 10x growth in digital payments is possible for a country like India,” he said.

NPCI is an umbrella organization for operating retail payment and settlement systems in India. unified payment interface (UPI) has been termed as a revolutionary product in the payment system by the Corporation.