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Pavitra Pradip Walvekar Discusses UPI's Role in India's Financial Revolution


In August 2023, India's Unified Payments Interface (UPI), managed by the National Payments Corporation of India (NPCI), a non-profit set up by the Reserve Bank, reached a major milestone by crossing 10 billion transactions in a single month. This represents a significant growth of over 50% compared to August 2022, when there were 6.58 billion transactions. The network had already come close to this mark in July, with 9.96 billion transactions, following a slight dip in June.


Pavitra Pradip Walvekar, the Pune-based promoter-director of Kudos Finance and Investments Private Limited, said, “UPI’s growth has been incredibly fast. It first crossed 1 billion monthly transactions in October 2019, and in less than four years, it has grown four times that amount. This shows just how successful UPI has become.”

From small street vendors to large shopping malls, UPI is now used everywhere, making payments easier at every level of the Indian economy. India now leads the world in the volume of digital transactions, highlighting how widely UPI is accepted across all parts of society.

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