India’s UPI surpasses world’s leading digital payment platforms; Rs.81L Cr worth transactions processed in 4 months

UPI: The world’s favourite payment method achieves a remarkable milestone

India’s Unified Payments Interface (UPI) has achieved a remarkable milestone, processing nearly Rs.81 lakh crore in transactions between April and July this year. This figure represents a staggering 37% increase compared to the same period last year.

According to recent data from global payments hub Paysecure, UPI has demonstrated significant growth in transaction volume. The platform handled 3,729.1 transactions per second during this period, marking a 58% increase from the 2,348 transactions per second recorded in 2022. This impressive performance has positioned UPI ahead of leading global digital payment platforms, including China’s Alipay, PayPal, and Brazil’s PIX, in terms of transaction volume.

In July, UPI transactions crossed Rs.20.6 lakh crore — the highest ever during a month. The value of UPI transactions processed remained above Rs.20 lakh crore for three consecutive months.

Paysecure examined 40 of the top alternative payment methods from around the world to reveal this data.

The findings showed that India leads the world in digital transactions, with over 40 percent of payments being made digitally, and UPI being used for a majority of them.

India’s Unified Payments Interface (UPI) is set for unprecedented expansion, with National Payments Corporation of India (NPCI) CEO Dilip Asbe forecasting a potential 100 billion transactions over the next 10-15 years, driven by rising credit growth. The introduction of credit features on UPI, with commercial details to be unveiled soon, is expected to fuel this growth.

In June, UPI recorded 13.89 billion transactions, a slight dip from May’s 14.04 billion but still reflecting robust activity. According to a report by PwC India, UPI transactions are projected to soar more than threefold from about 131 billion in 2023-24 to 439 billion by 2028-29, potentially representing 91% of all retail digital transactions.

RBI Governor Shaktikanta Das highlighted ongoing efforts to globalize UPI and RuPay at the ‘Global Fintech Fest’ in Mumbai. Initiatives include deploying UPI-like infrastructure internationally, enabling QR code-based payments through UPI apps at global merchant locations, and integrating UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances.

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