NPCI sees UPI’s user base growing fivefold to 500 mn over three years

National Payments Corp. of India (NPCI) expects the user base of real-time payment system Unified Payments Interface (UPI) to expand fivefold to 500 million in the next three years, chief executive officer Dilip Asbe said.

“UPI has recently crossed 100 million users, making it one of the fastest adoptions of any payments system anywhere in the world. NPCI’s objective for the next three years is to expand the UPI user base to 500 million,” Asbe said in an interview. The UPI was developed by NPCI, which is backed by the Reserve Bank of India.

While NPCI will release official data for payments transactions—by value and volume—on November 1, it is learnt from where that UPI transactions hit a new record of nearly 1 billion in October.