UPI Payments Reach Over Rs.20 Trillion for 3 Straight Months in July 2024
Unified Payments Interface (UPI) continued impressive growth in July 2024. Payments increased by 45% compared to last year, as reported by the National Payments Corporation of India (NPCI). The total value of UPI transactions in July reached Rs.20.64 trillion. This marked the third month in a row that transactions exceeded Rs.20 trillion. For reference in June 2024, the total transaction value was Rs.20.07 trillion and in May it was Rs.20.44 trillion.
NPCI data also highlighted average daily transaction value through UPI in July 2024 was Rs.466 million, or about Rs.66590 crore. Compared to June, a number of UPI transactions grew by 3.95% in July. The value of these transactions increased by 2.84%. In the first four months of the current financial year (2024-25), UPI recorded transactions worth Rs.80.79 trillion across about 55.66 billion transactions.
For the financial year 2023-24, there were a total of 131 billion UPI transactions, up from 84 billion in 2022-23. Reserve Bank of India (RBI) monthly bulletin noted that over the past four years, UPI transactions have increased tenfold. They rose from 12.5 billion in 2019-20 to 131 billion in 2023-24. UPI transactions now make up 80% of all digital payments in India. In FY24 alone, UPI transactions grew by 57% compared to the previous year.
Within the UPI market, PhonePe and Google Pay are leading players. They hold a combined market share of 86%, according to Boston Consulting Group’s (BCG) Banking Sector Roundup for 2023-24. The report also noted a shift in digital payments. Credit card transactions have doubled over the past three years. Meanwhile, debit card transactions declined by 43% year-on-year. As of 2022, India accounts for nearly 46% of the world’s digital transactions.
