Business Standard

Statsguru: Six charts explain the rise of UPI transaction volumes

Smaller transactions dominate the system. Nearly seven out of every 10 transactions initiated via UPI are for less than Rs 500

UPI
Premium

The trend only shows signs of strengthening. While the volume of UPI transactions doubled year-on-year as of July, the value of transactions went up by over 75 per cent, and new banks are being added every month

Sachin P Mampatta
The recent uproar over potential charges for using the Unified Payment Interface (UPI) can perhaps be seen as a measure of its success.The recent Reserve Bank of India paper also examined charges for other instruments, such as credit and debit cards, which did not lead to a similar level of popular debate. The UPI platform has left these instruments far behind in enabling digital transactions, accounting for over 60 per cent of transactions in 2021-22 compared to less than 6 per cent in 2017-18. Card transactions have seen their use erode to a single-digit share over the same period (chart

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in