India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45 per cent year-on-year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July. The value of transactions also saw a 35 per cent Y-o-Y increase, totaling Rs 20.64 trillion, according to data released by the National Payments Corporation of India (NPCI) on Thursday.
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.
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.
“Currently, the UPI is recording nearly 14 billion transactions a month, buoyed by 424 million unique users in June 2024. The surpassing of UPI transactions volume for peer-to-merchant (P2M) transactions over the peer-to-peer (P2P) segment and high volume for small value transaction categories indicate its high usage”, the report stated.
RBI Governor Shaktikanta Das also noted that the flagship UPI had revolutionised the retail payment experience for end users, making transactions faster and more convenient.
First Published: Aug 01 2024 | 5:25 PM IST
