New Delhi: Daily UPI transactions in India have surged more than eightfold since the pandemic began, reflecting the rapid shift to digital payments. In September 2024, UPI processed 15.04 billion transactions, worth Rs 20.64 trillion, according to data from the National Payments Corporation of India (NPCI).
Compared to September last year, when 10.55 billion transactions were recorded, this is a 42% increase in volume. The average number of daily transactions has risen sharply, reaching over 500 million in September 2024, up from 351.85 million a year ago. Back in September 2020, daily transactions were just 60 million, showing how quickly the platform has grown.
The number of banks connected to UPI has also seen a significant rise. By August 2024, 608 banks were live on the platform, up from 174 in 2020. The continuous rise in transactions and participation by banks highlights UPI’s growing role in India’s payments landscape, making digital payments more accessible across the country.
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