Speaking at the Indian Diaspora event in Warsaw on Wednesday, Prime Minister Narendra Modi highlighted the significance of digital transactions by drawing a comparison, noting that the daily volume of digital transactions conducted through unified payment interface (UPI) in India now matches the entire population of the European Union.
PM said, "Every day in India, the number of digital transactions made through UPI is equivalent to the population of the European Union." Union Minister Ashwini Vaishnaw highlighted the success of India's Digital Public Infrastructure by posting a clip of the PM's speech in a post on X (formerly Twitter) saying “448 million is the Population of EU; 466 million is the Daily UPI transactions in India.”
In the first 20 days of August alone, India recorded 9,840.14 million UPI transactions, reflecting the platform's growing importance in facilitating cashless transactions across the nation. This milestone underscores the rapid adoption and integration of the Unified Payments Interface (UPI) in India, which has become a cornerstone of the country's digital economy.
The success of UPI is reflected in its growth metrics. According to the National Payments Corporation of India (NPCI), UPI payments have recorded a 45 per cent year-on-year growth, with the total value of transactions surpassing Rs 20.64 trillion. This marks the third consecutive month where the total transaction value exceeded Rs 20 trillion, with June 2024 recording Rs 20.07 trillion and May 2024 at Rs 20.44 trillion.
In July 2024, the average daily transaction value through UPI stood at Rs 466 million, or approximately Rs 66,590 crore, showcasing the platform's dominance in India's digital payment ecosystem. The Reserve Bank of India (RBI) has also acknowledged the growth of UPI in its monthly bulletin, noting a ten-fold increase in transaction volume from 12.5 billion in 2019-20 to 131 billion in 2023-24. This accounts for 80 per cent of the total digital payment volumes in the country, highlighting UPI's role in India's cashless economy.
UPI transactions experienced a substantial 57 per cent year-on-year growth in FY24, driven by the widespread adoption of digital payments across various sectors. Within this segment, PhonePe and Google Pay have emerged as market leaders, holding a combined market share of 86 per cent, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24. (ANI)
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