UPI transaction volume grows 50% year-on-year
· Business · Business Standard
Unified Payments Interface processed 131 billion transactions worth ₹200 lakh crore in FY24, a 50% increase in volume and 42% in value compared to the previous year. Average transaction size fell to ₹1,526, indicating broader adoption for small-value payments. The National Payments Corporation of India reported that UPI now accounts for over 60% of all retail digital payments in India. Growth was driven by increased merchant onboarding and integration with services like bill payments and ticketing. RBI data shows UPI contributed to a decline in cash withdrawals from ATMs by 8% year-on-year. Experts warn that sustaining this momentum requires strengthening fraud prevention and expanding interoperability.
Why it matters
Over 300 million Indian users rely on UPI for daily transactions, making its continued growth critical for financial inclusion. Any slowdown could affect small merchants and rural consumers who depend on low-cost digital payments.
Read the original report — Business Standard
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.