UPI crosses 500 mn daily transactions twice in August
By : Sangeetha G
Update: 2024-08-07 12:32 GMT
Chennai: A couple of times in August, Unified Payments Interface (UPI) crossed the milestone of processing 500 million transactions on a daily basis. This is a significant jump in daily volume as the Indian government has set the ambitious target of clocking 1 billion transactions per day by 2026-27.
“0.5 bn/day. Time to revise the India Vision from 1 billion / day to 100 bn/month,” said NPCI CEO Dilip Asbe on X.
As per data published by the NPCI, UPI crossed 500 million transaction count on August 2 and August 5. However, this is the third instance when UPI achieved the milestone. The previous was on July 2, 2024, according to UPI data analyzed by Entrackr.
To recall, UPI first crossed 500 million transactions on a monthly basis for the first time in November 2018 and it took less than six years to achieve the same feat on a daily basis, affirming that the NPCI’s platform can handle ever-growing scale.
Currently, there are very few companies in India and overseas that are capable of processing over 50 crore transactions on a daily basis.
In July, UPI transactions rose 3.95 per cent month-on-month to 14.44 billion from 13.89 billion in June.
Volume-wise, PhonePe had 48.3 per cent market share in UPI transactions as of June followed by Google Pay and Paytm with 36.7 per cent and nearly 8 per cent market share, respectively. A bunch of new players such as CRED, NAVI, Groww, Slice, and recently launched Flipkart UPI are also clocking decent volumes in UPI. The volume breakup for July is yet to be published.
NPCI has also launched a credit line on UPI facility in which ICICI Bank is one of the leading banks with five to six other lenders.
Recently, NPCI announced that UPI is adding up to 6 million new users every month. Besides India, NPCI has launched instant payment services in foreign countries including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.