PM said, "Every day in India, the number of digital transactions made through UPI is equivalent to the population of the European Union."
Union Minister Ashwini Vaishnaw highlighted success of India's Digital
In the first 20 days of August alone, India recorded a staggering 9,840.14 million UPI transactions, reflecting the platform's growing importance in facilitating
The success of UPI is reflected in its impressive growth metrics. According to NPCI, UPI payments have recorded a 45% year-on-year growth, with the total value of transactions surpassing Rs 20.64 trillion. This marks the third consecutive month where the total transaction value exceeded Rs 20 trillion, with June 2024 recording Rs 20.07 trillion and May 2024 recording Rs 20.44 trillion.
In July 2024, the average daily transaction value through UPI stood at Rs 466 million, or approximately Rs 66,590 crore, showcasing the platform's dominance in India's digital payment ecosystem. The Reserve Bank of India (
Unified Payments Interface (UPI) transactions experienced a substantial 57% year-on-year growth in FY24, driven by the widespread adoption of digital payments across various sectors.
Within this segment, PhonePe and Google Pay have emerged as market leaders, holding a combined market share of 86%ing to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24.