Summary:

According to Paysecure, the Unified Payments Interface (UPI) has become the world’s leading alternative payment method, processing 3,729.1 transactions per second in 2023—an increase of 58% from 2,348 transactions per second in 2022. Since its launch in 2016, UPI, supervised by India’s central bank, has enabled rapid bank transfers. From April to July 2024, UPI handled transactions totaling $962.71 billion, reflecting a 37% year-on-year growth. In July alone, UPI transactions amounted to $245.92 billion.

Skrill is the second-most popular alternative payment method, handling 1,553.8 transactions per second and projected to process 49 billion transactions in 2023. Pix, the third-most popular method launched by Brazil’s Central Bank in late 2020, processes 1,331.8 transactions per second. Widely used in Brazil, Pix has 153 million users (75% of the population) and 15 million businesses. In 2023, it accounted for 39% of all electronic payments in Brazil and has the potential to surpass debit cards.

Source: IBEF 

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