In July this year (2024), Unified Payments Interface (UPI) transactions grew by 3.95% from the previous month, reaching 14.44 billion compared to June's 13.89 billion. This increase highlights a strong month-on-month growth in digital transactions.
On an annual basis, UPI transactions have surged by 49%, reflecting substantial growth over the year. According to the National Payments Corporation of India (NPCI), the total transaction volume for July amounted to INR 20.64 lakh crore, marking a 2.8% rise from June's INR 20.07 lakh crore. Yearly, this volume increased by 35%.
Despite this growth, June saw a slight dip of 1% in UPI transactions from May, where 14.04 billion transactions were recorded.
The popularity of UPI continues to soar, with the total number of transactions surpassing 100 billion last year. RBI Governor Shaktikanta Das recently highlighted that India now accounts for nearly 46% of global digital transactions, attributing this impressive figure to the widespread use of UPI.
Last month, Inc42 reported a minor decline in transaction value and volume for major fintech players like PhonePe and Google Pay in June. Conversely, Paytm showed stable growth during this period.
According to NPCI data, PhonePe held a 48.3% market share of UPI transactions in June, followed by Google Pay with 36.7% and Paytm with nearly 8%.
Both NPCI and the Indian government continue to push for greater UPI adoption. Recent innovations include features like UPI Lite, credit lines on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and BillPay Connect to enhance user experience and convenience.
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