Summary:

India's Unified Payments Interface (UPI) saw a 45% year-on-year increase in transaction volume, reaching 14.44 billion in July. Transaction values rose by 35% to Rs 20.64 trillion (US$ 246.51 billion). This is the third consecutive month UPI transaction values have exceeded Rs 20 trillion, following Rs 20.07 trillion in June and Rs 20.44 trillion in May.

In July, UPI saw an average daily transaction count of 466 million, totaling Rs 66,590 crore (US$ 7.95 billion), with a sequential growth of 3.95% in volume and 2.84% in value. For FY25, UPI has recorded 55.66 billion transactions worth Rs 80.79 trillion (US$ 964 billion). The Reserve Bank of India reported a tenfold increase in UPI volume from 12.5 billion in 2019-20 to 131 billion in 2023-24, now comprising 80% of digital payments. UPI is handling nearly 14 billion transactions monthly, supported by 424 million users. The shift towards peer-to-merchant transactions highlights increased usage, with RBI Governor Mr. Shaktikanta Das noting UPI’s role in enhancing payment convenience.

Source: IBEF 

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