In a remarkable achievement, the Unified Payments Interface (UPI), a real-time payment platform operated by the National Payments Corporation of India (NPCI), has crossed the 10 billion transaction mark in August. This milestone underscores the platform’s rapid growth and its increasing significance in the Indian financial landscape.
Data provided by NPCI reveals that in August 2023, a staggering 10.5 billion transactions took place on the UPI platform, marking an increase from the 9.9 billion transactions recorded in July of the same year. Additionally, in terms of the total value of funds settled, UPI recorded Rs 15.7 lakh crore in August, a slight uptick from the Rs 15.3 lakh crore figure reported for July. Currently, 473 banks are active participants on the UPI platform.
To put this growth into perspective, just one year ago in August, NPCI reported 6.5 billion transactions, while in August 2021, there were 3.5 billion transactions. This astonishing increase highlights the rapid adoption of this payment method by consumers and businesses alike.
The impressive growth of UPI encompasses a wide range of transactions, including both merchant transactions and peer-to-peer transfers. This diversity underscores the platform’s versatility and its ability to cater to various financial needs. Notably, the substantial volumes of transactions are largely driven by popular payment service providers such as PhonePe, Google Pay, and Paytm.
For instance, in July of the previous year, PhonePe processed approximately 4.7 billion transactions, with Google Pay following closely at 3.4 billion transactions. These numbers affirm the platform’s widespread usage by millions of Indians.
Ambitious Targets for the Future
NPCI has set ambitious targets for the UPI platform, aiming for a staggering 30 billion transactions per month, which equates to one billion transactions daily. This vision reflects the organization’s commitment to further expanding the reach and capabilities of UPI in the Indian financial ecosystem.