In June 2023, nearly 9.3 billion transactions were carried out through the Unified payment interface in India. This was a slight increase from the previous month and moreover, the volume of UPI transactions had extensively grown from around 300 million transactions in August 2018.
UPI is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023
(in millions)
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NPCI. (August 3, 2023). Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023 (in millions) [Graph]. In Statista. Retrieved December 03, 2024, from https://www.statista.com/statistics/1225934/india-upi-transaction-volume/
NPCI. "Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023 (in millions)." Chart. August 3, 2023. Statista. Accessed December 03, 2024. https://www.statista.com/statistics/1225934/india-upi-transaction-volume/
NPCI. (2023). Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023 (in millions). Statista. Statista Inc.. Accessed: December 03, 2024. https://www.statista.com/statistics/1225934/india-upi-transaction-volume/
NPCI. "Monthly Volume of Transactions through Unified Payments Interface (Upi) in India from August 2018 to June 2023 (in Millions)." Statista, Statista Inc., 3 Aug 2023, https://www.statista.com/statistics/1225934/india-upi-transaction-volume/
NPCI, Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023 (in millions) Statista, https://www.statista.com/statistics/1225934/india-upi-transaction-volume/ (last visited December 03, 2024)
Monthly volume of transactions through Unified Payments Interface (UPI) in India from August 2018 to June 2023 (in millions) [Graph], NPCI, August 3, 2023. [Online]. Available: https://www.statista.com/statistics/1225934/india-upi-transaction-volume/
