UPI Transactions Soar: ₹20.64 Trillion in July, 45% Yearly Growth

The latest data from the National Payment Corporation of India (NPCI) reveals that Unified Payments Interface (UPI) transactions have seen remarkable growth. Year-on-year, UPI transactions have recorded a 45% increase, reaching a total value of ₹20.64 trillion. This marks the third consecutive month where total transactions have exceeded ₹20 trillion, with June 2024 recording ₹20.07 trillion and May 2024 at ₹20.44 trillion.

In July 2024, the average daily transaction value via UPI stood at ₹466 million, equivalent to approximately ₹66,590 crore. Compared to June, UPI transaction volumes in July grew by 3.95%, while transaction values increased by 2.84%.

During the first four months of the fiscal year 2024-25, UPI witnessed transactions worth ₹80.79 trillion across roughly 55.66 billion transactions. This is a significant leap from the previous fiscal year 2023-24, which saw 131 billion transactions, up from 84 billion in 2022-23.

The Reserve Bank of India’s (RBI) monthly bulletin highlights an impressive ten-fold increase in UPI transactions over the past four years, soaring from 12.5 billion in 2019-20 to 131 billion in 2023-24. This growth accounts for 80% of the total digital payment volumes in the country. Notably, UPI transactions grew by 57% year-on-year in FY24, while debit card transactions saw a decline of 43%.

Based on 2022 data, India now represents nearly 46% of the world’s digital transactions, showcasing its significant presence in the global digital payment landscape.