The Unified Payments Interface (UPI) witnessed a 41 per cent growth (year-on-year) at record 14.96 billion transactions in August 2024, as total transaction amount touched Rs 20.61 lakh crore which is a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on Sunday (September 1).
The value of UPI transactions processed has been above Rs 20 lakh crore for four months running. In July, UPI-based transactions totaled Rs 20.64 lakh crore, and the total number of UPI transactions was 14.44 billion. The average daily transaction volume was 466 million, and the average daily transaction amount was Rs 66,590 crore, as per NPCI data. The average daily transaction amount was 483 million last month.
Due to the debut of the RuPay credit card on UPI and its expansion into international markets, UPI is currently adding up to 60 lakh new users each month. In the upcoming years, the NPCI hopes to accomplish an ambitious goal of 1 billion UPI transactions daily.
UPI outperformed the top digital payment networks in the globe, handling close to Rs 81 lakh crore in transactions between April and July of this year—a startling 37% rise year over year.
According to the most recent data by global payments hub Paysecure, the in-house digital payments solution processed 3,729.1 transactions per second, a 58% increase over the 2,348 transactions per second recorded in 2022. This number of transactions exceeded those of China’s Alipay, Paypal, and Brazil’s PIX.
India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
The CEO of National Payments Corporation of India (NPCI), Dilip Asbe, believes that UPI, supported by credit expansion, has the potential to reach 100 billion transactions in the next ten to fifteen years. Within a few weeks, the commercials will be released, and credit has already been launched on UPI.
RBI Governor Shaktikanta Das recently stated that the central bank is concentrating on making “UPI and RuPay truly global” in light of the positive reception it has got from a number of jurisdictions.
