India’s Unified Payments Interface (UPI) has once again set a new benchmark, surpassing 15 billion transactions in a single month for the first time in September 2024. According to data from the National Payments Corporation of India (NPCI), UPI processed a record 15.04 billion transactions, amounting to Rs 20.64 lakh crore (Rs 20.64 trillion). This marks a steady rise from August, which saw 14.96 billion transactions worth Rs 20.60 lakh crore.
The 0.5% month-on-month growth is modest, but year-on-year, UPI’s transaction volume has surged by a significant 42%. UPI first crossed the 10-billion transaction threshold in August 2023, and now average daily transactions have consistently exceeded 500 million, a remarkable feat achieved in July 2024.
While the app-specific breakdown for September has yet to be released, PhonePe continued to dominate the market in August, holding a 48.36% share of transactions by volume. Google Pay followed with 37.3%, while Paytm claimed 7.21%. Other emerging players like CRED, Flipkart, NAVI, and BharatPe are also growing in this competitive sector. Infibeam Avenues is reportedly preparing to join the UPI ecosystem with its payment app, RediffPay.
NPCI’s influence extends beyond India, with the platform now powering instant payments in multiple countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE, further solidifying UPI’s global reach.
