India’s UPI Handles Nearly ₹81 Lakh Crore in Transactions from April to July, Outpacing Leading Global Digital Payment Platforms

New Delhi : India’s Unified Payments Interface (UPI) has set a new benchmark in the global digital payments landscape, processing nearly ₹81 lakh crore worth of transactions during the April to July period this year. This remarkable achievement represents a 37% year-on-year increase, showcasing the rapid growth and adoption of digital payments in India. The data, as reported by global payments hub Paysecure, highlights UPI’s dominance over some of the world’s leading digital payment platforms, including China’s Alipay, PayPal, and Brazil’s PIX.

UPI’s growth trajectory has been nothing short of impressive. In the recent period, UPI processed an astonishing 3,729.1 transactions per second. This figure marks a 58% increase over the 2,348 transactions per second recorded in 2022, underscoring the platform’s expanding reach and the increasing reliance of Indian consumers on digital transactions for their daily needs. The surge in UPI transactions is a testament to the system’s efficiency, security, and user-friendly interface, which have collectively driven its popularity among users across various demographics.

July was a particularly noteworthy month for UPI, with transactions surpassing ₹20.6 lakh crore—the highest ever recorded in a single month. This milestone further emphasizes the robust nature of India’s digital payments ecosystem, where UPI has played a pivotal role in reshaping how financial transactions are conducted. For three consecutive months, the value of UPI transactions remained above ₹20 lakh crore, reflecting a consistent and strong performance in the digital payments sector.

The UPI system, developed by the National Payments Corporation of India (NPCI), has revolutionized the way payments are made in the country by enabling seamless, instant transfers between bank accounts via mobile devices. Its widespread acceptance among both consumers and merchants has contributed significantly to India’s push towards a cashless economy. The platform’s ability to facilitate microtransactions, peer-to-peer transfers, and payments to businesses, all while maintaining high levels of security, has made it the preferred choice for millions of users.

India’s UPI ecosystem has also benefited from a supportive regulatory environment and government initiatives aimed at promoting digital transactions. The platform’s growth has been further bolstered by the increasing penetration of smartphones and internet connectivity across the country, making digital payments accessible to a larger segment of the population, including those in rural areas.

 

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