UPI or Unified Payment interface has set a new record with a transaction amount of ₹81 Lakh Crore in just 4 Months!

Sounds unbelievable?

Yet, it is true!

In the time period of April to July, UPI achieved this milestone. In terms of growth, it is a 37% YoY (Year on year) growth of the transaction amount.

UPI's New Record - Let The Numbers Shine Bright…

As per the report of PaySecure,

• UPI processed 3729.1 transactions in each second, which is again 58% higher than in 2022.
• Number of total transactions was 117.6 billion in 2023 (world’s highest)
• 20.6 lakh crore is the total amount UPI processed in only July, which is the monthly highest so far
• July was the 3rd consecutive month when UPI crossed the benchmark of 20 lakh crore transaction amount
• 40% of the payments are now digital in India

In 2023, the total amount processed through UPI was $2.19 trillion, and there is a clear indication that 2024 will return a bigger number than that. With such amazing numbers, UPI is proudly leaving behind the global leaders PayPal, Alipay (China), and PIX (Brazil).

Also, read offline UPI payments

The Future of UPI Transactions - Hope for A New Record

To top it off, Dilip Asbe, the CEO of National Payment Corporation of India (NPCI) hopefully mentioned that UPI has the potential to reach 100 billion transactions in the next decade. There are plans of launching credits on UPI which will fuel up the surge in the number of transactions.

Initially, UPI was only a transaction tool, but more features make UPI more useful and cause more transactions through it.

You May Like to Read: Wrong UPI Transfer – What to Do? How to Reverse It?

The Forecasts: UPI Is Set To Secure More New Record

PWC India forecasts that by 2028-29, UPI will hold 91% of total retail transactions in India with 439 billion transactions. This is nearly a threefold growth to the transactions numbers of 2023-24.

This prediction was made even though there was a minor decay in the number of transactions in June (13.89 Bn) compared to May (14.04 Bn). So, a new record is probably on the way for UPI.

The CFO of NTT Data Payments Services India said that the value and volume of UPI transactions will double within 2-3 years as nearly 300 million people are not yet using UPI even after having a smartphone. So, as soon as these users start using UPI the numbers will increase by leaps and bounds - it is indeed a huge possibility.

As previously mentioned UPI is now acceptable in 7 other countries and now, it is breaking global records. So, there is a clear possibility that UPI will become a global method of digital payments.

Previously, rural India was an untapped market for UPI; however, the scenario is changing drastically. Even in the rural areas, one can now see QR codes in the small stores. It also deserves mention that the store owners have upgraded themselves to meet the demands of their customers – this made the growth possible.

Also, Check: UPI New Limits

Wrapping Up…

RBI governor Shaktikanta Das mentioned that in the future there are more plans to make UPI a global method for digital payments. There will be initiatives like UPI and RuPay Global to help in QR-based UPI payments outside India. So, there is no doubt that hi-tech innovations and robust security will back UPI to make payments lightning-fast and ultra-secure. And we can expect some new record-breaking numbers from UPI in the coming days.

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