India is a country with such a huge population that if all the people decide to contribute to a single market, it would become like conquering the market around the globe. The digitization of the country is not at the highest but the country is just starting out and in 2016, you could see how the transformation was happening. The vegetable vendors, the small-scale grocery stores to the huge malls, everyone is accepting payments via UPI and other means of money transfer rather than cash.
The number is staggering and out of the world to say the least. The Indian government can be proud of itself to taking the digital initiative which has just outdone itself. As of now, according to some researchers, only 10% of India is digitized and uses digital payments to make payments. An around a similar number of people accept the payments via digital means.
10% of India’s population is almost as big as a normal European country. That being said, the country just accounted for 800 million transactions via UPI in the month of March. This is absolutely amazing as to how a country can manage to pile up those many transactions in one month given that only 10% of people use the mode of money transfer.
There are more than 100 million handles on the UPI which is extravagant even for UPI as the load on the platform is just insanely high. Sighting the problem and the growing popularity of the feature, RBI has decided to open up to similar platforms from private organizations which will ease the tension on this thread and even the same on multiple platforms.
That being said, the amount transactions in the month of March are 25% more than February which is also stunning to look at. INR 1.3 lakh Cr were settled during the month of March. The numbers published by NPCI are just out of this world. The fact that there are more than 70 million people using the UPI actively every month out of the 100 million is awe-inspiring.
This fire is just going to explode even further as we look at these numbers and our jaw drops.