UPI Transactions Reach Rs 81 Lakh Crore with 37% YoY Growth in Digital Payments

UPI: Leading the Digital Payments Revolution

NEW DELHI: Surpassing 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, which is a staggering 37 percent increase year-on-year. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second, reflecting a 58 percent surge over the 2,348 transactions every second registered in 2022. This impressive statistic puts UPI ahead of internationally recognized platforms such as Alipay, Paypal, and Brazil's PIX.

Record-Breaking Monthly Transactions

In July alone, UPI transactions crossed Rs 20.6 lakh crore—the highest ever recorded in a single month. Notably, UPI sustained a transaction value above Rs 20 lakh crore for three consecutive months.

The Future of UPI

According to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), UPI is projected to reach 100 billion transactions within the next 10-15 years, supported by a burgeoning credit market. Credit has already been incorporated into UPI, with commercial applications expected soon.

Unprecedented Transaction Growth

Official figures show that as many as 13.89 billion transactions were recorded on UPI in June, slightly down from 14.04 billion in May. A report by consultancy firm PwC India suggests that UPI transactions could more than triple from approximately 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91 percent of total retail digital transactions.

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