UPI's Remarkable Growth in Digital Payments: Rs 81 Lakh Cr Processed
UPI's Dominance in Digital Payments
NEW DELHI: Surpassing the world's leading digital payments platforms, India's Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, representing a staggering 37 percent increase year-on-year. According to the latest data by global payments hub Paysecure, UPI achieved an extraordinary rate of 3,729.1 transactions per second, marking a 58 percent surge from 2022's 2,348 transactions every second.
Record-Breaking Monthly Transactions
In July alone, UPI transactions crossed Rs 20.6 lakh crore, setting a record for the highest monthly transaction value. UPI maintained transaction values above Rs 20 lakh crore for three consecutive months.
- Paysecure evaluated the top 40 alternative payment methods worldwide for these insights.
- India leads digital transactions with over 40 percent being processed electronically, predominantly through UPI.
Future Potential and Projections
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to reach 100 billion transactions in the next decade, propelled by the ongoing credit growth initiative. Credit services have been launched on UPI, with associated commercials expected soon.
- Official figures reported 13.89 billion transactions on UPI in June, slightly down from 14.04 billion in May.
- PwC India forecasts a threefold increase in transactions, from 131 billion in 2023-24 to 439 billion by 2028-29, representing 91 percent of all retail digital transactions.
RBI Governor Shaktikanta Das highlighted the encouraging responses from various jurisdictions as the apex bank focuses on expanding UPI's reach further.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.