The value of UPI transactions skyrocketed from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23. This remarkable growth marks a compound annual growth rate (CAGR) of 168%, highlighting the increasing acceptance and usage of UPI in India.

Crossing the 100 Billion Mark in 2023

In 2023, UPI transactions surpassed the 100 billion mark, closing the year at around 118 billion transactions, according to data from the National Payments Corporation of India (NPCI). This represents a significant 60% increase compared to the 74 billion transactions recorded in 2022.

August 2023 marked a significant milestone as UPI transactions exceeded 10 billion per month for the first time, a trend that continued in subsequent months. By December, UPI recorded an impressive 12 billion transactions with a cumulative value of Rs 18.23 lakh crore.

The total value of UPI transactions in 2023 stood at approximately Rs 182 lakh crore, a 44% increase from Rs 126 lakh crore in 2022. This surge underscores the growing reliance on digital payments in India.

Daily Transactions Peak

In December 2023, the per-day UPI transactions averaged around 387 million, showcasing the platform’s widespread daily use and convenience.

Top 5 apps that played a crucial role in driving UPI transactions in 2024:

1. PhonePe: PhonePe maintained its stronghold in the unified payments interface (UPI) market, securing an impressive 49% market share as of April 2024. This extends its leadership streak to over 40 months, which began in November 2020.

2. Google Pay: Google Pay, the second-largest player, facilitated transactions worth Rs 24 lakh crore by April 2024.

3. Paytm: Known as a prominent face of UPI in India, Paytm processed transactions totaling Rs 5 lakh crore.

4. Cred: CRED demonstrated remarkable growth within the UPI ecosystem, with its transaction volume increasing by over 450% compared to 13.19 crore transactions in the same period the previous year. Up to April 2024, CRED completed transactions worth Rs 1.70 lakh crore.

5. Axis Bank Apps: Axis Bank’s apps contributed to the UPI landscape with transactions amounting to Rs 27 thousand crore.

The incredible growth and adoption of UPI in India reflect a significant shift towards digital payments, driven by the convenience and efficiency offered by these platforms.