UPI transaction volumes reached 2,234.16 million in In December. The value of transactions was ₹4,16,176 crore
UPI had a 17% market share in 2018-19 and is expected to reach 59% by 2024-25
Unified Payment Interface (UPI) transactions have been rising consistently, making a new high every month for the past six months. The trend holds for the number of transactions (volume) and for the transacted amount (value), too.
UPI transactions had taken a hit in April due to covid-19 pandemic. But it started recovering from May onwards. From July, it went back to making new highs month on month.
In December, UPI volumes reached 2,234.16 million, and the value of transactions was ₹4,16,176 crore. In April, the number of transactions fell to 999.57 million. The total money transacted was ₹1,51,141 crore, according to data from National Payments Corporation of India, which owns and operates the UPI.
The trend of growth in UPI is likely to continue in the coming years. According to a PwC India report, titled The Indian Payments Handbook, more than half of the total digital transactions by volume could be on UPI within the next four financial years.
The platform had a 17% market share in 2018-19 and is expected to reach 59% by 2024-25.
At present, 40% of transactions in India by volume take place via debit cards. However, this could shrink to just 11% in the future.
UPI, which has had a compound annual growth rate (CAGR) of 414% from its launch in 2016 till FY20, will continue to grow on the back of strong regulatory measures, innovative solution offerings by fintech companies, recurring payments and new use cases, the report said.