UPI transactions witnesses 3% rise clocking record high of 14.96 bln transactions in Aug'24

In August 2024, Unified Payment Interface (UPI) transactions hit a record high of 14.96 billion, up 3% from July 2024. This growth shows that digital payments are becoming more popular in India, with UPI leading the way. Even though the average transaction value decreased slightly, the volume of transactions increased, indicating that users are making more frequent but smaller transactions.

In the financial year 2023-24, UPI transactions in India increased by 57% in volume and 44% in value compared to the previous year, reaching 131 billion transactions worth Rs 199.89 trillion. This was a significant increase from the 83.76 billion transactions worth Rs 139 trillion in the previous financial year. In 2023, UPI transactions rose by 59% in volume and 45% in value compared to 2022.

Compared to August 2023, UPI transactions in August 2024 saw a substantial year-on-year growth of 41% in volume and 31% in value. This growth in digital payments in India is driven by government initiatives, increasing smartphone usage, and more people feeling comfortable with online transactions.

The sustained growth of UPI transactions highlights its position as a popular payment method for Indians.