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Mumbai. Payments through the Unified Payments Interface (UPI) recorded a 45% annual growth. In contrast, debit card transactions declined 43% year-on-year. Today, based on 2022 data, India accounts for about 46% of the world's digital transactions.

The transaction value also saw a growth of over 35%, totalling ₹20.64 trillion. This is the third consecutive month when total transactions have exceeded ₹20 trillion. In June 2024, the total UPI transaction value was ₹20.07 trillion, while in May it was ₹20.44 trillion.

According to data from the National Payments Corporation of India (NPCI), the average daily transaction value through UPI in July 2024 was ₹466 million or about ₹66,590 crores. Compared to June, UPI transaction volume grew by 3.95% in July, while transaction value grew by 2.84%. In the first four months of the current financial year (2024-25), UPI recorded transactions worth ₹80.79 trillion in about 55.66 billion transactions.

In 2023-24, total UPI transactions were 131 billion, while it was 84 billion in 2022-23. The Reserve Bank of India (RBI) monthly bulletin reported that over the last four years, UPI transactions have seen a tenfold increase, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, accounting for 80% of total digital payment volume. Unified Payments Interface (UPI) transactions also witnessed substantial growth, registering a 57% year-on-year growth in FY24.

According to the Boston Consulting Group (BCG) Banking Sector Roundup 2023-24, this segment was dominated by PhonePe and Google Pay with a combined market share of 86%. A shift to digital payments was witnessed, with credit card transactions doubling in the last three years.