Unified Payments Interface (UPI), the leading payments platform in India, reported a 45% year-over-year (Y-o-Y) increase in transaction volume, reaching 14.44 billion in July. The National Payments Corporation of India (NPCI) released figures on Thursday that showed a 35% YoY growth in the value of transactions, amounting to Rs 20.64 trillion.
This marks the third consecutive month when the value of transactions exceeded Rs 20 trillion. Previously, UPI transaction values totaled Rs 20.07 trillion in June and Rs 20.44 trillion in May.
The data also shows the average daily transaction count on UPI in July was 466 million, amounting to Rs 66,590 crore. Sequentially, the volume of UPI transactions grew by 3.95 per cent in July, while the value of transactions increased by 2.84 per cent during the same period.
In the current financial year (FY25), UPI recorded 55.66 billion transactions worth Rs 80.79 trillion. In FY24, UPI surpassed 100 billion transactions for the first time, ending the year at 131 billion, compared to 84 billion in FY23.
In a recently released report on currency and finance, the Reserve Bank of India (RBI) noted that the UPI has seen a tenfold increase in volume over the past four years, increasing from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which is 80 per cent of all digital payment volumes.
The UPI is already tracking close to 14 billion transactions per month, helped along by 424 million unique users as of June 2024. According to the survey, “its high usage is indicated by the surpassing of UPI transaction volume for peer-to-merchant (P2M) transactions over the peer-to-peer (P2P) segment and high volume for small value transaction categories.”
Shaktikanta Das, the governor of the Reserve Bank of India, also mentioned how the flagship UPI had transformed end users’ retail payment experiences by facilitating quicker and more convenient transactions.
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Source: BS
