UPI transactions cross ₹20 trillion for third successive month in July 2024

The value of transactions also saw a growth of over 35%, totalling ₹20.64 trillion [File]
| Photo Credit: RAGHUNATHAN SR

Payments through the Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of India (NPCI).

The value of transactions also saw a growth of over 35%, totalling ₹20.64 trillion. This marks the third consecutive month when total transactions exceeded ₹20 trillion. In June 2024, the total UPI transaction value was ₹20.07 trillion, while in May it was ₹20.44 trillion.

NPCI data also showed that the average daily transaction value through UPI in July 2024 was ₹466 million, or about ₹66,590 crore. Compared with June, the volume of UPI transactions grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to ₹80.79 trillion across approximately 55.66 billion transactions.

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In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the Reserve Bank of India (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24.

Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24.A shift in digital payments was noted, with credit card transactions doubling over the past three years.

In contrast, debit card transactions declined by 43% year-on-year. Today, India accounts for nearly 46% of the world’s digital transactions, based on 2022 data.