2016 launched India’s domestic instant payment system — Unified Payments Interface (UPI)– recorded 10 billion monthly transactions in August, announced the Reserve Bank’s non-profit agency, National Payments Corporation of India (NPCI).
On micro-blogging site X, the umbrella organization for all retail payment systems confirmed that payments made on UPI achieved a new milestone.
It’s 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI.#UPI #DigitalPayments #UPIChalega @GoI_MeitY @_DigitalIndia @upichalega @dilipasbe pic.twitter.com/5NrcpIirn8
— NPCI (@NPCI_NPCI) September 1, 2023
Monthly transactions on UPI surpassed 10.24 billion on 30 August, with a net transaction value reckoning ₹15.18 trillion.
UPI transactions surged 50% year-on-year, with August 2022 clocking 6.58 billion monthly transactions. The payments network approached the 10 billion mark in July, registering 9.96 billion transactions. June marked a marginal drop from May that recovered in July, now ticking a new feat.
It was October 2019 when UPI crossed 1 billion monthly transactions for the first time. With this view, it took UPI payments less than four years to grow 4x and reach every hook and corner of the country.
In July, UPI transactions data released by NPCI showed merchant transactions representing a significant chunk of total transaction volume, with 5.78 billion or 58% of all UPI transactions happening between users and merchants. User-to-user UPI transactions by total value stood at ₹11.48 trillion in July.
Apps That Dominate Market In Terms Of UPI Transactions:
PhonePe dominates the market with a lion’s share of more than 47% in terms of volume in July, according to the NPCI data.
Google Pay gives a tough fight at 35%, while Paytm lags at 13% market share. The data for the same for August is yet to be published.
The Indian government has been partnering with foreign countries to expand the reach of UPI support. After taking the very-own UPI to Bhutan, Nepal, Singapore, and France, NPCI is soon to launch this payment system in New Zealand and North America, the Middle East, and more European countries.