UPI Statistics By Transaction, Platform, Indian Leading Banks, Volume, Digital Payments and Income

Introduction

UPI Statistics: Unified Payments Interface (UPI) is termed digital payments in India, which allows quick and hassle-free money transfers. This platform, developed by the National Payments Corporation of India (NPCI), allows instant transactions between bank accounts through mobile apps. Over the past few years, UPI has gained massive popularity thanks to its simplicity and ease of use.

All the statistics below highlight UPI’s rapid growth, resulting in billions of monthly transactions and a surge in the number of users. Starting from different types of businesses to regular users, UPI has become a trusted method for handling payments. Its growth demonstrates the shift towards a cashless society, emphasizing effective convenience, security, and accessibility in financial transactions.

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• As of September 2024, UPI has recorded around 15.04 billion transactions, marking a 3% increase from August 2024.
• UPI Statistics show that the total value of transactions in September 2024 was ₹20.64 lakh crore, a slight rise from ₹20.61 lakh crore in August 2024.
• In September 2024, transaction volume increased by 42%, and transaction value rose by 31% compared to the same month last year.
• From August to September 2024, UPI transactions grew by 3% in Volume and 0.15% in value.
• In the financial Year 2023-24, UPI transactions crossed 100 billion, totaling 131 billion transactions worth ₹199.89 lakh crore.
• UPI is now accepted in seven countries, including France, Sri Lanka, the UAE, Mauritius, Singapore, Nepal, and Bhutan.
• In October 2024, UPI recorded 16.6 billion transactions, with an average of 535 million transactions per day.
• India accounts for approximately 49% of global real-time payment transactions as of 2023.
• UPI is expected to reach 1 billion transactions per day by the end of 2027.
• UPI is adding up to 6 million new users every month, driven by the integration of RuPay credit cards and its expansion into international markets.

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Interesting Facts about UPI

• UPI was introduced on April 11, 2016, by the National Payments Corporation of India (NPCI).
• It quickly became one of the fastest-growing payment methods due to its ease of use and convenience.
• In August 2018, NPCI released UPI 2.0, which included features such as signed intent and QR, one-time mandates, invoice verification, and overdraft facilities.
• UPI Statistics states that merchants are charged 1.1% of the transaction amount for payments over Rs. 2000.
• UPI is now available in seven countries: Sri Lanka, Mauritius, UAE, Singapore, Bhutan, and Nepal.
• With UPI Lite, you don’t need a PIN, allowing for fast, small transactions. As a result, its success rate is 99.9%, even during busy times.
• Paytm UPI Lite has now reached a total transaction value of ₹280 crore.
• The State Bank of India has the largest share in the UPI market, handling more than 4 billion transactions.
• As of 2024, over 37% of UPI transactions happen after 6 PM.

UPI Product Statistics

• In the first quarter of FY 2023 to 24, UPI processed 24.9 billion transactions, with a total value of INR 39.7 trillion.
• UPI Statistics show that by the financial year 2026 to 2027, UPI is expected to account for 90% of all retail digital payments in India.
• The NPCI UPI statistics claim the transaction volume for January 2025 is 568.43 billion.
• During the same period, the UPI transaction volume reached 81,015.79 crores, and the value was the same.

In 2024, the table below accounts for the monthly Volume is stated below:

Number of Indian UPI Transaction Statistics

(Reference: statista.com)

• In the financial year 2024, there were almost 134 billion UPI transactions, an increase from the previous year’s 84 billion transactions.
• As mentioned in UPI Statistics, estimated transactions in the coming years are as follows: 2025 (201 billion), 2026 (281 billion), 2027 (380 billion), and 2028 (456 billion).

Monthly Indian UPI Transaction Statistics

(Reference: statista.com)

• A UPI Statistics survey released in March 2024 in India showed that, on average, 23% of people made 11 to 20 UPI transactions each month.
• Meanwhile, 22% of people made 1 to 5 monthly transactions, followed by 16% (6 to 10 transactions), 8% (21 to 30 transactions), and 5% (31 to 50 transactions).
• 13% of Indians also made over 50 transactions each month, and another 50% used UPI very rarely.

Indian UPI Usage Statistics by Platform

(Reference: statista.com)

• A Statista report analysis states that in the third quarter of 2024, PhonePe had about 48.3% of the UPI market share in India, followed by Google Pay with 37%.
• Meanwhile, Paytm and the rest of the platforms’ market share in the same period captured a share of 7.82% and 6.88%, respectively.
• For customers, the receipt serves as proof of payment, which can be useful for returns, exchanges, or warranty claims. A well-designed cash invoice receipt template streamlines these processes and helps maintain smooth and organized business operations.

UPI Transaction Statistics by Indian Leading Banks

(Reference: statista.com)

• UPI Statistics show that in the third quarter of 2024, the State Bank of India processed 4,052 billion UPI transactions.
• HDFC Bank Ltd came second, with 1,270 billion transactions during the same period.
• Furthermore, other bank transactions in the same duration are followed by Bank of Baroda (985 billion), Union Bank of India (USD 941 billion), Punjab National Bank (772 billion), Kotak Mahindra Bank (772 billion), Axis Bank Ltd (730 billion), Canara Bank (722 billion), ICICI Bank (648 billion) and Bank of India (478 billion).

Leading UPI Remitter Indian Banks Statistics by Volume

(Reference: statista.com)

• As mentioned in UPI Statistics, as of June 2024, the State Bank of India led UPI transactions in India, processing approximately 3,738 million transactions.
• On the other hand, HDFC Bank came second with over a billion transactions, totaling 1,191.9 million.
• In the same period, other banks’ transactions were followed by the Bank of Baroda (912.47 million), Union Bank of India (869.16 million) and Punjab National Bank (783.7 million).

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UPI Top 10 Member Remitter Performance Statistics, December 2024

Volume of Indian UPI Digital Payments Statistics

(Reference: statista.com)

• Based on UPI Statistics, in the financial year 2024, India saw 131,129.5 million UPI-based digital payments.
• This was a big rise from the 83,714.4 million payments in 2023, increased from 45,956.1 million in 2022.

Average Indian UPI Ticket Size Statistics

(Reference: statista.com)

• UPI Statistics revealed that in the financial year 2024, the average UPI transaction size in India was 1,528 rupees.
• Moreover, in previous years, the average Unified Payments Interface (UPI) ticket size in India was followed by 2023 (1,663 rupees), 2022 (1,850 rupees), 2021 (1,838 rupees), 2020 (1,703 rupees), 2019 (1,638 rupees) and 2018 (1,200 rupees).

Indian Payment System Share Statistics, 2024

UPI Penetration Rate Statistics by Income Group

• In 2020, UPI was the preferred payment method for 56% of individuals in India’s bottom and top income groups.
• As of 2023, 55% of UPI users were between the ages of 18 and 35.

Google Pay Penetration Statistics by Top 10 Country, July 2024

UPI Transactions Statistics by Methods

(Reference: meetanshi.com)

• According to UPI statistics, as of 2024, PhonePe, Google Pay, and Paytm handle 96% of all UPI payments.
• PhonePe handled 46.4% of all UPI transactions, while Google Pay accounted for 34.8%.
• Furthermore, other payment methods are followed by Paytm (14.7%), CRED (0.5%), and the rest others (3.7%).

UPI Statistics by Monthly P2P and P2M Transactions

• In July, the total transaction volume reached 14,435.55 million.
• Of this, 5,435.96 million (37.66%) were P2P transactions, and 8,999.59 million (62.34%) were P2M payments.

(Source: medianama.com)

• According to NPCI data, most payments were in the Rs 0-500 range, making up 56.44% of P2P transactions and 85.11% of P2M transactions.
• Transactions between Rs 501-2000 accounted for 21.61% of P2P payments and 10.31% of P2M payments.
• Payments above Rs 2000 made up 21.95% of P2P transactions and 4.58% of P2M transactions.

Countries Using UPI

(Source: demandsage.com)

UPI Statistics by Factors Influencing UPI Demand

• Digital Adoption: Increased smartphone penetration and internet access have facilitated UPI’s widespread adoption.
• Government Initiatives: Policies promoting digital payments and financial inclusion have boosted UPI usage.
• Merchant Acceptance: Growing acceptance of UPI by merchants across sectors has enhanced its utility for consumers.
• User Convenience: The seamless and instant nature of UPI transactions appeals to a broad user base.

Conclusion

Unified Payments Interface (UPI) is a fast, secure, and simple way to transfer money online in India. It has changed how people pay by making transactions quick and easy using mobile phones. UPI supports instant payments, bill payments, and even splitting bills with friends. Thanks to features like PIN protection, it is also safe.

With more people and businesses using UPI daily, it is becoming a preferred choice for digital payments across India.