Unified Payments Interface (UPI) has become the most widely used payment platform in India.
In July 2024, the UPI transactions have processed over Rs 20.64 Lakh Crore for Third Consecutive Month.
Year-On-Year Growth
India's Unified Payments Interface saw a 45% year-on-year increase in transaction volume, reaching 14.44 billion transactions. The transaction value also grew by 35% totaling Rs 20.64 trillion, as reported by the National Payments Corporation of India (NPCI).
Daily Transaction Growth
The average daily transaction in July have seen to increase 466 million from 463 million, amounting to Rs 66,590 crore (US$ 7.95 billion), with a sequential growth of 3.95% in volume and 2.84% in value.
RBI's Report
The RBI recently highlighted the report that there is a tenfold increase in UPI transaction volume over the past four years, from 12.5 billion in 2019-20 to 131 billion in 2023-24.
The UPI accounts for 80% of all digital payment volumes.
The report states a growing trend of peer-to-merchant (P2M) transactions over peer-to-peer (P2P) transactions, showing increased UPI usage.
RBI Governor Shaktikanta Das has highlighted that UPI has transformed retail payments, making transactions faster and more convenient.
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