India can do 100 billion UPI transactions a month: NPCI

India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, a top official from the National Payments Corporation of India said.

This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August.

Dilip Asbe, Chief Executive Officer and Managing Director of NPCI, said there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more. “…if you take the combined effect, we have a 10x opportunity from where we stand,” Asbe said at the Global Fintech Fest.