Visa, MasterCard to be surpassed by UPI

NITI Aayog CEO Amitabh Kant has stated that the five-year-old Unified Payments Interface (UPI) will overtake decades-old Visa and MasterCard as a favored mode of payment over the next three years. UPI with 1,800 crore transactions yearly has surpassed Amex at 800 crores, Kant tweeted. The amount of UPI transactions grew to 1,252 crores in 2019-20 from 91.52 crores in 2017-18.

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