From April to July, the UPI System in India Handled Transactions Worth INR 81 Lakh Crore

Nitin Konde, Apoorva Bajj

Sep 3, 2024 — 3 min read

From April to July, the UPI System in India Handled Transactions Worth INR 81 Lakh Crore

In the period from April to July of this year, the Unified Payments Interface (UPI), which is India's very own digital payment system, handled transactions of INR 80.8 lakh crore, with July alone having the largest amount at INR 20.6 lakh crore.

UPI completed transactions totaling INR 19.64 lakh crore in April, followed by INR 20.44 lakh crore in May and INR 20.07 lakh crore in June. In April, UPI processed transactions worth INR 19.64 lakh crore.

Between January and July 2024, the Unified Payments Interface (UPI) handled a total of INR 137.28 lakh crore worth of transactions, which is about equivalent to roughly $1.636 trillion.

Growth in the Number of Transactions

The UPI was used to complete more than 55.6 billion transactions between April and July, with July alone registering the largest number of transactions at 14.43 billion.

From the beginning of this year until July, the nation witnessed a total of 93.4 billion transactions that were conducted through the use of the UPI.

After recording 12.2 billion transactions in January, the payment system then registered 13.10 billion in February, 13.44 billion in March, 13.30 billion in April, 14.03 billion in May, and 13.88 billion in June. In January, the system recorded 12.2 billion transactions.

Going Above and Beyond PayPal and Alipay in China

Recent data from Paysecure, a worldwide payments center, indicates that the Unified Payments Interface (UPI) managed an astonishing 3,729.1 transactions per second. This represents a 58% increase from the 2,348 transactions per second that were recorded in 2022.

Due to this spike, the United Payments Institution (UPI) has surpassed China's Alipay, PayPal, and Brazil's PIX in terms of the number of transactions.

These findings were realized as a result of Paysecure's investigation, which looked at forty of the most popular alternative payment methods all across the world.

In addition, the survey stated that India is the leader in the world when it comes to digital transactions. More than forty percent of payments are made digitally, and the Unified Payments Interface (UPI) is utilized the majority of the time.

A report published by the consulting firm PwC India indicates that the number of transactions on the Unified Payments Interface (UPI) is anticipated to increase by more than thrice, from approximately 131 billion in 2023-24 to 439 billion by 2028-29. This represents 91% of the total retail digital transactions taking place.

About UPI

The Unified Payments Interface (UPI) is a system that integrates several bank accounts into a single mobile application (of any participating bank). This system brings together several banking features, including seamless fund routing and merchant payments, under one roof. Additionally, it accommodates "Peer to Peer" collect requests, which can be scheduled and paid according to the requirements and according to the convenience of the user.

In light of the information presented above, the National Payments Corporation of India (NPCI) carried out a trial launch with 21 member banks. Dr. Raghuram G. Rajan, Former Governor of the Reserve Bank of India, performed the pilot launch on April 11th, 2016, in Mumbai. Beginning on the 25th of August in 2016, financial institutions have begun uploading their UPI-enabled applications to the Google Play store.