In June 2023, the State Bank of India was the leading remitter bank for UPI transactions in India with around 2.4 billion transactions. HDFC bank followed with almost 831 million 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 2023, by volume
(in millions)
Characteristic
Volume of transactions in millions
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NPCI. (August 17, 2023). Leading remitter banks for Unified Payments Interface in India in June 2023, by volume (in millions) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
NPCI. "Leading remitter banks for Unified Payments Interface in India in June 2023, by volume (in millions)." Chart. August 17, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
NPCI. (2023). Leading remitter banks for Unified Payments Interface in India in June 2023, by volume (in millions). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
NPCI. "Leading Remitter Banks for Unified Payments Interface in India in June 2023, by Volume (in Millions)." Statista, Statista Inc., 17 Aug 2023, https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/
NPCI, Leading remitter banks for Unified Payments Interface in India in June 2023, by volume (in millions) Statista, https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/ (last visited August 24, 2024)
Leading remitter banks for Unified Payments Interface in India in June 2023, by volume (in millions) [Graph], NPCI, August 17, 2023. [Online]. Available: https://www.statista.com/statistics/1406448/india-leading-upi-remitter-banks-by-volume/