In June 2024, the State Bank of India was the leading remitter bank for UPI transactions in India with around 3.7 billion transactions. HDFC bank followed with more than a billion transactions. Remitter bank refers to the bank of the account holder who is sending the money.
Unified Payments Interface (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 the switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Leading remitter banks for Unified Payments Interface in India in June 2024, by volume
(in millions)
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Worldline . (October 10, 2024). Leading remitter banks for Unified Payments Interface in India in June 2024, by volume (in millions) [Graph]. In Statista. Retrieved December 19, 2024, from https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
Worldline . "Leading remitter banks for Unified Payments Interface in India in June 2024, by volume (in millions)." Chart. October 10, 2024. Statista. Accessed December 19, 2024. https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
Worldline . (2024). Leading remitter banks for Unified Payments Interface in India in June 2024, by volume (in millions). Statista. Statista Inc.. Accessed: December 19, 2024. https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
Worldline . "Leading Remitter Banks for Unified Payments Interface in India in June 2024, by Volume (in Millions)." Statista, Statista Inc., 10 Oct 2024, https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
Worldline , Leading remitter banks for Unified Payments Interface in India in June 2024, by volume (in millions) Statista, https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/ (last visited December 19, 2024)
Leading remitter banks for Unified Payments Interface in India in June 2024, by volume (in millions) [Graph], Worldline , October 10, 2024. [Online]. Available: https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
