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46% of total digital payments in world are done in India


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India has emerged as a global leader in digital transactions, accounting for nearly 46 percent of the world’s digital payments. This remarkable growth is also reflected in the RBI’s Digital Payment Index, which has experienced a fourfold increase in the last five years.

The Unified Payments Interface (UPI) has played a significant role in driving the growth of digital payments in India. The Governor highlighted that UPI has become the largest contributor to the digital payment landscape, with its share reaching close to 80 percent in 2023. The volume of UPI transactions has witnessed a substantial rise, increasing from 43 crore in 2017 to an impressive 11,761 crore in 2023.

Notably, the time taken to reach significant milestones in UPI transactions has significantly reduced. For instance, the Governor mentioned that it took 1,668 days to reach the first 1,000 crore UPI P2M transactions, whereas the latest 1,000 crore transactions only took 45 days. Similarly, reaching the first 1,000 crore UPI P2P transactions took 1,329 days, while the most recent 1,000 crore transactions were achieved in just 65 days, which is slightly over two months.

According to data from the National Payments Corporation of India (NPCI), transactions worth ₹18.28-lakh crore were processed in February 2024.

UPI Daily Product Statistics: February 2024

DayVolume (million)
February 1, 2024431.859
February 2, 2024433.491
February 3, 2024431.146
February 4, 2024419.376
February 5, 2024430.428
February 6, 2024403.023
February 7, 2024436.919
February 8, 2024431.524
February 9, 2024432.959
February 10, 2024437.73
February 11, 2024423.239
February 12, 2024426.337
February 13, 2024419.77
February 14, 2024420.621
February 15, 2024420.045
February 16, 2024409.975
February 17, 2024404.574
February 18, 2024407.449
February 19, 2024406.978
February 20, 2024410.595
February 21, 2024413.867
February 22, 2024403.186
February 23, 2024410.278
February 24, 2024401.305
February 25, 2024398.982
February 26, 2024400.004
Total10865.66

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