The Unified Payments Interface (UPI) achieved a significant milestone, surpassing 10 billion monthly transactions after more than 7 years of growth. As of August 30, UPI recorded 10.24 billion transactions valued at Rs 15.18 lakh crore (Rs 15.18 trillion), surpassing the previous record set in July. With one more day left in the month, both volume and value are expected to increase.
This achievement marks a substantial development for UPI, which first crossed 1 billion monthly transactions in October 2019. According to NPCI chief Dilip Asbe, UPI’s growth potential remains high, with the possibility of reaching 1 billion daily transactions in India.
In terms of market share, PhonePe maintained its dominance with over 47% in volume for July, while Google Pay and Paytm held 35% and 13% respectively. August’s market share data is pending.
The Indian government is actively expanding UPI support internationally, with plans to launch the service in New Zealand and other regions like North America, the Middle East, and more European countries, following its successful implementation in Bhutan, Nepal, Singapore, and France.
To promote microtransactions and digital payments in offline mode, the RBI, in collaboration with NPCI, introduced UPI Lite in September 2022. Major UPI platforms like Google Pay, PhonePe, BHIM, and Paytm have adopted UPI Lite, and the RBI recently increased the offline transaction limit for the lite version from Rs 200 to Rs 500.UPI
