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India’s flagship payments platform, the Unified Payments Interface (UPI), continues its impressive growth trajectory, with a 45% year-on-year (Y-o-Y) increase in transaction volume, reaching 14.44 billion in July.
The National Payments Corporation of India (NPCI) released these figures on Thursday, highlighting the platform’s ongoing expansion.
Transaction Values Soar
The value of UPI transactions also saw substantial growth, with a 35% Y-o-Y rise, totaling Rs 20.64 trillion in July. This milestone marks the third consecutive month where the value of transactions surpassed Rs 20 trillion. In comparison, UPI transactions totaled Rs 20.07 trillion in June and Rs 20.44 trillion in May.
Daily Transaction Trends
July’s data revealed an average daily transaction count on UPI of 466 million, amounting to Rs 66,590 crore. Sequentially, UPI transaction volumes grew by 3.95% in July, while the value of transactions increased by 2.84% during the same period.
Annual Financial Performance
In the current financial year (FY25), UPI has recorded 55.66 billion transactions worth Rs 80.79 trillion. In the previous financial year (FY24), UPI surpassed the 100 billion transaction mark for the first time, concluding the year with 131 billion transactions, up from 84 billion in FY23.
Reserve Bank of India’s Insights
The Reserve Bank of India (RBI) recently released a report on currency and finance, noting a tenfold increase in UPI transaction volume over the past four years. The volume surged from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, accounting for 80% 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.
Revolutionizing Retail Payments
RBI Governor Shaktikanta Das praised UPI’s impact, noting that the platform had revolutionized the retail payment experience for end users, making transactions faster and more convenient.
