India’s Unified Payments Interface (UPI) reported a 45% year-on-year growth in transaction volume, reaching 14.44 billion in July, with a 35% increase in transaction value totalling Rs 20.64 trillion (US$ 246.51 billion), according to the National Payments Corporation of India (NPCI). This marks the third consecutive month that transaction values exceeded Rs 20 trillion (US$ 238.86 billion), following Rs 20.07 trillion (US$ 239.70 billion) in June and Rs 20.44 trillion (US$ 244 billion) in May.
The average daily transaction count in July was 466 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. In the current financial year (FY25), UPI has recorded 55.66 billion transactions worth Rs 80.79 trillion (US$ 964 billion). The Reserve Bank of India (RBI) noted 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, accounting for 80% of all digital payment volumes. The UPI is currently experiencing nearly 14 billion transactions monthly, supported by 424 million unique users as of June 2024. The report highlights a shift towards peer-to-merchant (P2M) transactions over peer-to-peer (P2P) transactions, indicating increased usage. At the same time, RBI Governor Mr. Shaktikanta Das emphasized that UPI has revolutionized the retail payment experience by making transactions faster and more convenient.
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