UPI Transactions Multiply Eightfold, Crossing 500 Mn Per Day

Transaction volumes using India's unified payments interface (UPI) have increased dramatically; by September 2024, there were over 500 million transactions per day, an eightfold increase from the 60 million transactions recorded in September 2020.

UPI handled 15.04 billion transactions in September 2024 alone, worth an incredible Rs 20.64 trillion, according to data from the National Payments Corporation of India (NCPI).

This represents a 42 per cent annual increase in the number of transactions, up from 10.55 billion in September 2023, and a significant increase in the total value of transactions, up from Rs 157.8 million in the same month the previous year. Average daily transaction volumes have also risen up from 351.85 million in September 2023.

The increasing number of banks using the platform as participants is indicative of UPI's quick growth.

608 banks were using UPI as of August 2024, a considerable rise from the 174 institutions that used it in 2020.