Synopsis
- Total UPI transaction value in July 2024 reached ₹20.64 trillion.
- UPI transactions grew by 45% year-on-year.
- Average daily transaction value in July 2024 was ₹466 million (₹66,590 crore).
- Transaction value in July 2024 increased by 2.84% compared to June.
- In the first four months of FY 2024-25, transactions amounted to ₹80.79 trillion.
- Over the past four years, UPI transactions increased from 12.5 billion in 2019-20 to 131 billion in 2023-24.
- Debit card transactions declined by 43% year-on-year in FY 2023-24.
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.
| Metric | Value |
|---|---|
| Yearly Growth (UPI Transactions) | 45% |
| Yearly Growth (Transaction Value) | 35%+ |
| Total UPI Transaction Value (July 2024) | ₹20.64 trillion |
| Total UPI Transaction Value (June 2024) | ₹20.07 trillion |
| Total UPI Transaction Value (May 2024) | ₹20.44 trillion |
| Average Daily Transaction Value (July 2024) | ₹466 million (₹66,590 crore) |
| Monthly Growth (Transaction Volume, July 2024) | 3.95% |
| Monthly Growth (Transaction Value, July 2024) | 2.84% |
| Total Transactions (First 4 Months, FY 2024-25) | ₹80.79 trillion |
| Transaction Volume (First 4 Months, FY 2024-25) | 55.66 billion |
| Total Transactions (FY 2023-24) | 131 billion |
| Total Transactions (FY 2022-23) | 84 billion |
| Transaction Volume (2019-20) | 12.5 billion |
| Transaction Volume (2023-24) | 131 billion |
| UPI Share of Total Digital Payments | 80% |
| Year-on-Year Growth (UPI, FY 2023-24) | 57% |
| Year-on-Year Decline (Debit Card, FY 2023-24) | 43% |
| India’s Share of Global Digital Transactions (2022) | 46% |
