UPI will surpass Visa, MasterCard in next 3 years: NITI Aayog CEO

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