India digital-payments debate draws comparisons with South Africa’s cashless model as UPI marks 10 years
The Facts
- UPI is marking its 10th anniversary in April 2026.
- Reports say UPI grew from 17.86 million transactions worth Rs 6,952 crore in FY17 to 218.98 billion transactions worth nearly Rs 285 lakh crore in FY26.
- UPI now accounts for a large majority of India’s digital or retail digital payments, with figures cited at 81% of retail digital transactions and 85% of digital payments in separate reports.
- Multiple reports say India accounts for 49% of global real-time payment transactions through UPI.
- A LocalCircles survey reported by multiple outlets found that about 75% of UPI users would stop using the platform if transaction fees were introduced.
- One reported comparison with South Africa says the country’s card-based transaction value is projected to exceed ZAR 2.9 trillion by 2025, driven by wider merchant acceptance and contactless payments.
Context
Why is South Africa being discussed in relation to India’s payments system?
A comparison article says South Africa offers a case study for what comes after rapid digital-payment adoption, especially around reliable payment rails, merchant trust, compliance, redundancy and fraud prevention as India looks beyond UPI’s initial success India News, Breakin….
How big is UPI in India today?
Reports marking UPI’s 10th year say it has scaled from 17.86 million transactions in FY17 to 218.98 billion in FY26, with value rising from Rs 6,952 crore to nearly Rs 285 lakh crore Economic Times,FortuneIndia. Separate reports also say India now accounts for 49% of global real-time payment transactions through UPI Telangana Today,Zee News.
What is the concern around charging fees on UPI?
Two reports citing a LocalCircles survey say roughly three in four users would stop using UPI if transaction charges were introduced, suggesting strong dependence on the platform’s zero-cost model NDTV Profit,Business Standard.
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