India’s Unified Payments Interface (UPI) has seen a meteoric rise in transaction volumes, with average daily transactions surging more than eightfold – from 60 million in September 2020 to over 500 million by September 2024.
In September 2024 alone, UPI processed 15.04 billion transactions, valued at a staggering Rs 20.64 trillion, according to data from the National Payments Corporation of India (NCPI).
This marks a 42% year-on-year growth in transaction volume, up from 10.55 billion transactions in September 2023, with the total value of transactions jumping from Rs 157.8 million in the same period last year. Average daily transaction volumes have also shot up from 351.85 million in September 2023.
The rapid expansion of UPI is reflected in the growing number of participating banks on the platform.
As of August 2024, 608 banks were live on UPI, a significant increase from 174 banks in 2020.