India’s UPI Surpasses Global Digital Payment Giants, Processes ₹81 Lakh Crore in 4 Months

GG News Bureau
New Delhi, 31st August. India’s Unified Payments Interface (UPI) has outpaced the world’s leading digital payment platforms, processing nearly ₹81 lakh crore in transactions during the April-July period this year. This marks a remarkable 37% increase compared to the same period last year.

According to data from global payments hub Paysecure, UPI processed an astounding 3,729.1 transactions per second—a 58% surge from 2,348 transactions per second recorded in 2022. This performance surpasses China’s Alipay, Paypal, and Brazil’s PIX in transaction volume.

July alone saw UPI transactions crossing ₹20.6 lakh crore—the highest-ever for a single month. The value of transactions has consistently remained above ₹20 lakh crore for three consecutive months.

Paysecure’s analysis, which examined 40 of the top alternative payment methods globally, highlights India as a leader in digital transactions, with over 40% of payments made digitally, predominantly through UPI.

Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), predicts that UPI has the potential to reach 100 billion transactions in the next 10-15 years, driven by credit growth. Credit facilities have already been launched on UPI, with further details expected soon.

Official figures show 13.89 billion UPI transactions were recorded in June, slightly down from 14.04 billion in May. A PwC India report anticipates that UPI transactions will more than triple from 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91% of total retail digital transactions.

RBI Governor Shaktikanta Das, speaking at the Global Fintech Fest in Mumbai this week, emphasized that the central bank is focusing on making UPI and RuPay global. Plans include deploying UPI-like infrastructure in foreign countries, enabling QR code-based payments through UPI apps at international merchant locations, and linking UPI with other countries’ Fast Payment Systems for cross-border remittances.