Are Banks Able To Keep Up With UPI’s Growth?

In a development substantiating its position as India’s flag-bearer of FinTech innovation, Unified Payment Interface (UPI) crossed the 2,210 million mark in Volume and INR 3,90,999.15 crore by Value in November. Going by the growth numbers in transaction volume and value, UPI continues to ride the wave in the Indian payments landscape. It looks like Indians have adopted this payment method due to the convenience it provides.

Three major stakeholders participate in facilitating UPI transactions. The first is the technology itself, UPI; the second is the payment app/banking app, and the third is the bank account.  In this article, we analyze all the above three parameters to observe their progress this year.