In April-July 2024, the Unified Payments Interface (UPI) processed ₹80.8 lakh crore ($964 billion), a 37% increase over the previous year. In 2023, UPI processed an amazing 3,729 transactions per second, outpacing worldwide giants such as Alipay, PayPal, and Brazil’s PIX, which handled 117.6 billion transactions. This represents a 58% increase over 2022’s 2,348 transactions per second.
In July 2024, UPI had its highest-ever monthly transaction value of ₹20.64 lakh crore ($247 billion), with three consecutive months above ₹20 lakh crore. As the number of digital payments grows worldwide, UPI stands out, accounting for more than 40% of all payments in India.
UPI users grew from 300 million to more than 400 million when credit cards, prepaid wallets, and coupons were added. This expansion and enhanced platform interoperability has secured UPI’s position as India’s most popular payment method. Experts believe that with new products such as RuPay credit cards and credit lines, the volume and value of UPI transactions will increase in the next 2-3 years.
Alternative payment systems such as Skrill and PIX are gaining acceptance around the world, but UPI continues to outperform in terms of volume and growth.
