India’s own digital payment system, UPIprocessed transactions worth Rs 80.8 lakh crore (Rs 80,80,775.18 crore) from April to July this year, with July alone recording the highest value at Rs 20.6 lakh crore.
UPI processed transactions worth Rs 19.64 lakh crore in April, followed by Rs 20.44 lakh crore in May and Rs 20.07 lakh crore in June.
From January to July 2024, UPI processed a total of Rs 137.28 lakh crore (Rs 1,372,8081.73 crore) transactions, equivalent to approximately $1.636 trillion.
Increase in transaction volume
From April to July, over 55.6 billion transactions were made through UPI, with July alone recording the highest value of 14.43 billion transactions.
In total, from the beginning of this year till July, the country recorded 93.4 billion transactions made through UPI.
The payment system recorded 12.2 billion transactions in January, followed by 12.1 billion in February, 13.44 billion in March, 13.3 billion in April, 14.03 billion in May and 13.88 billion in June.
Surpassing China’s Alipay and PayPal
According to recent data from global payments hub Paysecure, UPI handled an impressive 3,729.1 transactions per second, marking a 58% increase from the 2,348 transactions per second recorded in 2022.
This increase puts UPI ahead of China’s Alipay, PayPal and Brazil’s PIX in terms of transaction volume.
Paysecure’s analysis, which examined 40 of the leading alternative payment methods worldwide, revealed these insights.
The report also notes that India is a global leader in digital transactions, with over 40% of payments made digitally, with UPI being used most of the time.
According to a report by consultancy firm PwC India, the number of transactions on UPI is expected to more than triple from about 131 billion in 2023-24 to 439 billion in 2028-29, accounting for 91% of total retail digital transactions.
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