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 average daily transaction amount stood at 483 million last month, as the average daily transaction amount reached Rs 66,475 crore.
The value of UPI transactions processed has remained above Rs 20 lakh crore for four consecutive months.
In July, the UPI-based transactions clocked Rs 20.64 lakh crore and the total UPI transaction count was 14.44 billion. The average daily transaction volume stood at 466 million, and the average daily transaction amount stood at Rs 66,590 crore, according to the NPCI data.
UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries. The NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years.
UPI processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year), surpassing the world’s leading digital payments platforms.
The homegrown digital payments solution processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, according to the latest data by global payments hub Paysecure.
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.
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials will be released within a couple of weeks.
RBI Governor Shaktikanta Das said recently that based on the encouraging response received from several jurisdictions, the central bank is now focusing on making "UPI and RuPay truly global".
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