UPI Statistics By Value, Volume, Transactions, Growth And Future Projections

Introduction

UPI Statistics: Unified Payments Interface (UPI) is a digital payment system that will still dominate the space in 2024 and beyond. UPI is a real-time payment system designed by the National Payments Corporation of India (NPCI), which facilitates instantaneous fund transfer between two bank accounts using mobile devices.

It has gained acceptance owing to its quickness, safety and ease of access. UPI has been and will be effective in India. Its numbers, trends, and projections are represented by figures and plain words. Let’s go on and analyze the present UPI Statistics and the vivid possibilities associated with UPI.

Editor’s Choice

• UPI Statistics reveal that the Unified Payment Interface (UPI) made India a pioneer in the adoption of real-time payments. It currently has over 260 million users since its inception in April 2016 by its then-head of Reserve Bank of India, Dr Raghuram Rajan.
• Forecast estimates predict that the number of UPI users in India will increase by over 300 million by 2024. This accounts for approximately 45% of the country’s population, which explains the usage level.
• UPI is a real-time payment system regulated by the Reserve Bank of India (RBI) and designed by the National Payments Corporation of India (NPCI). It allows users to connect numerous bank accounts to a single app.
• UPI Statistics show that widespread acceptance by banks, fintech corporations, and telecoms has contributed to its growth. In the fiscal year of 2023, it made up more than 50% of digital payment transactions in India.
• The success of UPI is also supported by the major Payment Service Providers (PSP), including PhonePe, GooglePay, and Paytm.
• To avoid the problem of over-concentration of the market amongst a few players, the National Payments Corporation of India (NPCI) imposed a limit of 30% on the market share held by Third-Party Application Providers (TPAPs) in 2020. The final date of compliance has been revised to December 2024.
• Other developments, like UPI 123, which facilitates payment without the internet; UPI Lite, which facilitates carrying out low-value transactions; and UPI-Credit Card Linkage, are also changing the face of UPI trends.
• As the remittance hub across the globe, management of both outgoing and incoming flows of remittances in the country is an agenda to be pursued aggressively.
• The geographical reach of UPI has extended to several countries, including UAE, Mauritius, Nepal, Singapore, France, the UK, and Bhutan.
• Worldline, the leading payment services provider worldwide, has also joined hands with NPCI to roll out UPI in European countries.
• India is one of the markets with a high inbound tourism potential for this region.
• According to UPI Statistics, in 2024, the number of transactions processed by UPI per month reached an average of 9 billion, which was on the rise from the 7.8 billion monthly transactional volume posted in the year 2023.
• According to UPI Statistics for January 2024, the total value of UPI transactions is estimated to reach more than $1.9 trillion that year.
• This is a marked growth compared to the $1.5 trillion recorded in the year 2023, indicating a very healthy year-on-year increase of around 26%.
• Merchant payments will account for over $850 billion in 2024.
• Of the total UPI transactions, 45% are made for business purposes.
• In recent times, UPI has gone beyond Indian boundaries, forming associations with countries such as Singapore, UAE, and Nepal, among others.
• This international expansion is anticipated to propel the global UPI transaction value to approximately $200 billion by the end of 2024.
• The Unified Payments Interface (UPI) processed almost 7.3 billion transactions in October 2022 itself.
• Over the years, UPI has developed quite significantly, and the total value of transactions has crossed INR 121.1 trillion.
• As per the UPI Statistics, the number of UPI transactions rose by 73%, as opposed to the value of which increased by 57%.
• There was a historical moment in 2019 when UPI surpassed slightly over 1 billion transactions, and it became widely accepted during the COVID-19 outbreak. It was indeed the most preferred means of payment across India.
• By the financial year of 2022, the total value of transactions done through UPI stood at around 75 trillion under INR currency.
• The improvement in growth for UPI has primarily been characterized by an increase in Peer-to-peer (P2M) and also Peer-to-Peer(P2P) transactions.
• The major portion of the UPI payments gross of the country is occupied by PhonePe, Google Pay, and Paytm, whose share is equal to 94.3% of all UPI transactions.
• Many analysts believe that rising acceptance will soon see UPI transactions increase to 1 billion in a day.

Average number of monthly UPI transactions

(Reference: statista.com)

• An inquiry carried out in March 2024 in India, aimed at analysing how often people use UPI transactions, unearthed certain facts.
• The UPI statistics revealed that about 23% of the interviewees managed to carry out an average of 11 to 20 UPI transactions per month, suggesting a high penetration of digital payments.
• Moreover, about 13% of the respondents claimed to have completed more than 50 transactions in a month, which indicates a greater use of UPI in their financial activities.
• Various UPI statistics regarding UPI transactions as of 2022 show that PhonePe also happens to rank highest in India, taking the highest market share. This indicates that people now rely mostly on payment systems, such as UPI, even for the simplest transactions, like sending money to someone or paying a merchant.

Value of UPI Transactions

(Reference: proxy.parisjc.edu)

• According to UPI statistics, the use of digital payment transactions through the Unified Payments Interface (UPI) reached more than 200 trillion Indian rupees in the financial year 2024, as opposed to the 139 trillion Indian rupees value in the previous year.
• Such a development is proof of the increasing level of digital transactions in the country. This increase is primarily due to the increase in smart service apps and people’s way of life, as technology enhances every aspect of life, making it easy and simple to pay.
• With an increase in smartphone users and internet connectivity, the UPI remains the preferred mode of payment in India.

Volume of UPI Transactions

(Reference: proxy.parisjc.edu)

• The financial year 2024 witnessed widespread adoption of UPI-based digital payment systems in India, with transactions exceeding 131 billion. This is a remarkable growth from last year’s figures of approximately 83 billion transactions.
• The spike in transactions can be linked to the increasing number of people avidly using smartphones and other electronic devices, making it possible for the entire country to turn into an online payment marketplace.
• This acceptance of the use of technology has played a major role in the growth of digital payment for goods and services within India since a growing number of people and businesses are now opting for cashless transactions.

Growth of Paytm UPI Transactions

• UPI statistics reveal that as of July 2024, the value of UPI payments issued on a daily basis was estimated to be 466 million rupees (INR), which is due to ₹66,590 crores.
• There was a 3.95% increase in the volume of transactions and a 2.84% increase in the value of the transactions compared to June and July.
• In the first four months of 2024-25, UPI recorded ₹80.79 trillion worth of transactions across 55.66 billion transactions. This marks a significant increase from 131 billion in FY 2023-24 and an increase from 84 billion in FY 2022-23.
• In its monthly statistical bulletin, the Reserve Bank of India (RBI) states that UPI transactions have grown ten-fold from 2019–20 to 2023–24, i.e. from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24.
• UPI has taken the lead, commanding 80% of the digital payment volume in India. In FY24, UPI transactions increased by 57% from the previous year, while debit card applications decreased by 43%.
• By the year 2022, it can be observed that India accounts for 46% of global digital transactions, which shows its growth in digital payment business around the world.

Leading UPI Apps Transactions

(Reference: meetanshi.com)

• The UPI market in India is currently ruled by PhonePe, Google Pay, and Paytm, which process almost all of the country’s UPI payment transactions.
• These three apps are responsible for a whopping 96% of all UPI payments, proving to be helpful in digital transactions.
• The incomparable PhonePe has overtaken all its competitors and now accounts for 46.4% of the total UPI transaction volume.
• It is the most popular UPI application in India, after Google Pay, which is in the same league.
• Together, these applications have contributed substantially to the growth of UPI in India in terms of making digital payments.

UPI Apps Market Share

• The payments made through UPI in India for the third quarter of 2024 saw a massive 76% contribution from PhonePe, Google Pay, and Paytm.
• UPI statistics released by NPCI National Payments Corporation of India show that these three applications almost accounted for more than 95% of UPI transaction value.
• Almost 48.3% of UPI transactions are made through PhonePe, making it the leading application by a large margin. Google Pay and Paytm, too, have lower market share than PhonePe.
• It is worth noting also that growth has been recorded in the latter two’s market shares, incrementally increasing in recent months in contrast with previous years. These two, however, remain dwarves in the UPI system as they are sizing up the market.

Growth of BHIM UPI Transaction

• The National Payments Corporation of India (NPCI) has developed an app called BHIM based on the UPI platform. It is available in thirteen languages, including English.
• According to UPI statistics reported in June 2023, transactions processed through the BHIM app within the Indian territory averaged 22.9 million per month.
• This is an increase from 22.5 million transactions recorded in June 2022, translated to a growth of 0.4 million transactions over the past year.
• UPI transactions conducted on the BHIM platform have experienced significant variations over time.

Growth of PhonePe Transactions

• According to UPI statistics, PhonePe is the leading UPI application in India, with almost 50% of UPI users opting for online payments and transactions.
• PhonePe’s revenue grew by 77% in the following year as the company’s revenue increased from ₹1,646 crore in the year 2022 to ₹2,914 crore in the financial year ending in March 2023.
• The corporation intends to increase its share of the market, with a particular focus on asserting its supremacy in digital payments, especially in money transfers, recharging mobile phones, and paying bills.
• PhonePe may not only be leading the company’s operations but is extensively popular among the Indian population, with almost 1 in 4 Indians being its users.
• The platform has also digitised more than 36 million offline merchants across Tier 2, 3, and 4 cities and covered 99% of the postal codes of India.
• Lately, PhonePe was conferred the title of the Most Trusted Brand in Digital Payments by the 2023 Brand Trust Report, Trust Research Advisory (TRA).

Growth of Google Pay Transactions

• Google Pay has enjoyed explosive growth in user adoption after its launch, mainly due to the rewards system and ease of use that appealed to many UPI users. Many UPI users based in the United States also prefer the use of Google Pay for cashless transactions.
• UPI statistics revealed that more than half of Uber clients have used Google Pya, and 63% of these users belong to a region outside of the top 8 cities in India.
• Google Pay’s popularity has also spiked, and currently, it has over 150 million users across 19 countries.
• 69 million were incorporated onto the platform in 2019 alone, and it is likely to attract 100 million users in the near future.
• Google Pay, however, is second in many mobile payment applications, with the U.S. having up to 25.2 million users.
• Gravity Payments in the US alone has 67 million users of the service. Over 2,190 companies across the globe have implemented Google Pay as their online payment service.
• The app’s all-in-one solution is preferred by both managers and employees.

Future Projections

• By 2025, the transaction value of UPI is estimated to reach the mark of $2.5 trillion, with an increasing CAGR of 22% over the coming year. These developments are anticipated as a result of enhanced merchant acceptance, overseas collaborations, and increased focus on rural areas.
• Since around 60% of the Indian population resides in rural regions, there is a need for expansion of UPI in such areas for growth to be constant. Furthermore, UPI adoption is highly anticipated among SMEs, which means more business transactions will occur.
• The spread of UPI will be even more expanded in the global market, especially for cross-border payments. With its increasing acceptance as a tool for sending remittances and settling business payments, the volume of UPI’s international transactions is anticipated to hit $500 billion by 2026.

Conclusion

UPI is still a work in progress due to its effects on the advancement of financial systems in India, which are based on fast, safe, and convenient digital payments. The vast user base expansion, enlargement into new markets and increasing transaction value are the major contributors to its success. As UPI seeks more global assimilation and pushes for deeper rural penetration, its position in the digital payments ecosystem can only be expected to grow.

The Global Expansion Potential of UPI statistics, which is estimated to reach $2.5 trillion in transaction value by the year 2025, emphasises even more the critical role UPI plays in making India cashless.

Joseph D'Souza

Joseph D'Souza founded Sci-Tech Today as a personal passion project to share statistics, expert analysis, product reviews, and experiences with tech gadgets. Over time, it evolved into a full-scale tech blog specializing in core science and technology. Founded in 2004 by Joseph D’Souza, Sci-Tech Today has become a leading voice in the realms of science and technology. This platform is dedicated to delivering in-depth, well-researched statistics, facts, charts, and graphs that industry experts rigorously verify. The aim is to illuminate the complexities of technological innovations and scientific discoveries through clear and comprehensive information.

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