Average daily transactions on India’s Unified Payments Interface (UPI) have increased eight-fold from 60 million in September 2020 to over 500 million in September this year since the pandemic.
In September 2024 alone, UPI processed 15.04 billion transactions, valued at Rs 20.64 trillion, according to the National Payments Corporation of India (NPCI). Year-on-year, UPI transaction volume increased by 42 per cent from 10.55 billion in September 2023. This amounted to Rs 157.8 crore in total transaction value in September last year. Average daily transaction volumes increased from 351.85 million in September 2023.
The growth of the platform is accompanied by a steady increase in the number of participating banks, with 608 banks living on UPI in August 2024, up from 174 in 2020.
First published: October 2, 2024 | 23:28 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.