 "Since the year pandemic hit, average daily UPI transactions up over 8x")
Average daily transactions on India’s unified payments interface (UPI) surged over eightfold, from 60 million in September 2020 to over 500 million by September this year since the pandemic.
In September 2024 alone, UPI processed 15.04 billion transactions, valued at Rs 20.64 trillion, according to the National Payments Corporation of India (NPCI). Year-on-year, UPI transaction volume jumped 42 per cent from 10.55 billion in September 2023. This amounted to Rs 157.8 million in total transaction value in September last year. Average daily transaction volumes grew from 351.85 million in September 2023.
The platform’s growth is matched by a steady rise in the number of participating banks, with 608 banks live on UPI as of August 2024, up from 174 in 2020.
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