“Massive UPI outage hits India as Paytm, Google Pay, and PhonePe services go down nationwide. Comes amid 91.5% surge in UPI QR code growth, RBI data shows. Full report here.”
India’s Fintech Backbone Faces Another Setback Amid Explosive UPI Growth
Monday plunged India’s rapidly digitizing economy millions astray as millions of UPI services were shut-off without a prior warning across top platforms namely Paytm, Google pay and Phonepe!
The general outage caused mayhem in retail stores, restaurants and every type of transaction an online sale — QR payments/money transfers simply failed to process in real time.
It is the second major UPI glitch over an almost month time frame that brings into question just how robust an ecosystem India has created for real-time payments. As of now the cause of failure is still unclear and NPCI, the very body responsible for overseeing all this money is yet to make a statement. More digital transactions freeze and user dissatisfaction rises.
Record-Breaking Surge in UPI QR Code Deployments
Curiously enough, UPI is going through its worst outage at a time when the company is growing fastest. The latest RBI figures show UPI QR code mobilizations by 91.5 % year over-year to a high watermark of 657.9 mln in FY 2024-25 Based on this, it grew like wildfire to show just how deeply UPI has seeped into India’s urban and rural corners — in large part, the financial infrastructure for everyday money transfers.
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Traditional Cards Losing Steam
Trending — UPI adoption soars, legacy forms of digital payment lose steam. Credit card transactions increased only a sliver more slowly at 7.94% while the number of debit card users grew very little by 2.7%, to 991 million in aggregate. Changes in behaviour as consumers choosing convenince and mobile-first solutions over the good old plastic-based payments are cited by analysts.
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Platforms Drive Deep UPI Reach
At the center of this QR revolution are the likes of Google Pay, Paytm and PhonePe who are tech giants that have been instrumental in unlocking huge UPI integration within the local kirana stores, street vendors and even remote villages. However, this swift scale-up has discovered the cracks in its foundations.
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Digital Growth Needs Digital Stability
Just as India goes way beyond the world in real-time digital payments, today’s outage is a wake-up call for us all in reality…. unless the system is designed with much stronger digital resilience and fail-safes so as to avoid national standstills. The digital rail tracks of the country come back to life and those waiting have to sit and watch in mean while.
Stay tuned for real-time updates on the UPI outage situation.