The Union Finance Minister Nirmala Sitharaman directed NPCI to reinforce UPI’s robustness and prevent future disruptions.
FinTech BizNews Service
Mumbai, April 28, 2025: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman today chaired a meeting to review various aspects and the way ahead for the Unified Payments Interface #UPI ecosystem. Senior officials from the FinMinIndia, RBI and NPCI attended the meeting. Participants included Finance Secretary Shri Ajay Seth; Shri M. Nagaraju Secretary, DFS India; Shri Vivek Deep, Executive Director, RBI and Shri Dilip Asbe, MD & CEO, NPCI.
Discussions focused on enhancing the resilience, scalability, and real-time monitoring of the UPI infrastructure to ensure uninterrupted service delivery and strengthen user trust. UPI is witnessing significant growth. From FY 2019–20 to FY 2024–25, UPI transactions registered a Compound Annual Growth Rate (CAGR) of 72%.
NPCI officials also informed the Union Finance Minister that between FY 2021–22 and FY 2024–25, around 26 crore new users and 5.5 crore new merchants have been successfully onboarded onto the UPI platform. UPI now has approximately 45 crore annually active users. In FY 2024-25, UPI transactions amounted to Rs261 lakh crore — a 30% Y-o-Y growth. Similarly, in terms of volume, 18,586 crore transactions took place in FY 2024-25 — a 42% Y-o-Y growth.
FM Smt. Sitharaman underscored the need to target one billion UPI transactions per day (PD) within the next 2–3 years and also stressed on the importance of accelerating the internationalization of UPI through the development of interoperable frameworks and expanding global payment acceptance. Additionally, the Union Finance Minister encouraged officials to intensify efforts to onboard more users and merchants onto the UPI platform to broaden its reach and impact. FM Smt. Sitharaman urged all stakeholders to work collaboratively to address infrastructure gaps, enhance the end-user experience and cybersecurity architecture.
The Union Finance Minister directed NPCI to reinforce UPI’s robustness and prevent future disruptions.
