
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
Day | Volume (million) |
---|---|
February 1, 2024 | 431.859 |
February 2, 2024 | 433.491 |
February 3, 2024 | 431.146 |
February 4, 2024 | 419.376 |
February 5, 2024 | 430.428 |
February 6, 2024 | 403.023 |
February 7, 2024 | 436.919 |
February 8, 2024 | 431.524 |
February 9, 2024 | 432.959 |
February 10, 2024 | 437.73 |
February 11, 2024 | 423.239 |
February 12, 2024 | 426.337 |
February 13, 2024 | 419.77 |
February 14, 2024 | 420.621 |
February 15, 2024 | 420.045 |
February 16, 2024 | 409.975 |
February 17, 2024 | 404.574 |
February 18, 2024 | 407.449 |
February 19, 2024 | 406.978 |
February 20, 2024 | 410.595 |
February 21, 2024 | 413.867 |
February 22, 2024 | 403.186 |
February 23, 2024 | 410.278 |
February 24, 2024 | 401.305 |
February 25, 2024 | 398.982 |
February 26, 2024 | 400.004 |
Total | 10865.66 |