India's UPI Hits ₹81 Lakh Crore in Transactions, Leads Global Digital Payments

Tags: Reports Economy/Finance

According to Paysecure data, India's Unified Payments Interface (UPI) processed nearly ₹81 lakh crore in transactions from April to July 2024.

An Overview of the News

• UPI's transaction volume has exceeded that of the world's leading digital payment platforms.

• This represents a 37% Year-over-Year (YoY) increase in transaction volume.

• UPI processed 20.6 lakh crore rupees in July 2024, setting a record for the highest transactions in a single month.

Global Leadership in Digital Transactions

• India leads globally with over 40% of its payments made digitally.

• UPI is the dominant platform for digital payments in India.

• UPI processed an average of 3,729.1 transactions per second, a 58% increase from 2,348 transactions per second in 2022.

Comparison with Global Payment Platforms

• Skrill (UK-based) ranked second with 1,553.8 transactions per second and 49 billion transactions in 2023.

• Pix (Brazil-based) ranked third with 1,331.8 transactions per second.

About UPI  

• It is an Indian payment system, developed by the National Payments Corporation of India (NPCI) in 2016.

• Function: Facilitates instant P2P and P2M transactions via mobile devices.

• Requirements: Mobile number registered with the bank, recipient’s UPI ID.

• Tech: Runs on IMPS, open source API.

• Regulation: Overseen by the Reserve Bank of India (RBI).

• Launch: UPI-enabled apps available on Google Play from 25 August 2016.