UPI payments up by 6.6% in July ‘23

The Unified Payments Interface (UPI), an instant payment system, processed a total of 9.96 billion transactions with a cumulative value of INR 15.34 trillion in July 2023

August 2, 2023

In June 2023, the value of UPI transactions stood at 9.34 billion

The transaction value during this period experienced a 4% rise from June 2023’s INR 14.75 trillion

Regarding UPI applications, PhonePe takes the lead with a dominant market share of 47%, trailed by Google Pay at 35%

The Indian government has been actively trying to extend the application of UPI beyond national borders

The Unified Payments Interface (UPI), an instant payment system, processed 9.96 billion transactions with a cumulative value of INR 15.34 trillion in July 2023, according to a report by the National Payments Corporation of India (NPCI).

This reflects a 6.6% increase in UPI transactions compared to June, where the count stood at 9.34 billion. Concurrently, the transaction value experienced a 4% rise from INR 14.75 trillion during this period.

A recent study by PwC India predicts a remarkable future for UPI transactions, estimating that they will escalate to 1 billion per day by the fiscal year 2026-27, constituting around 90% of India’s retail digital payments.

Regarding UPI applications, PhonePe takes the lead with a dominant market share of 47%, trailed by Google Pay at 35% and Paytm at 13%, in terms of transaction volume.

The Indian government has been actively endeavouring to extend the application of UPI beyond national borders, facilitating cross-border transactions. Notably, UPI was introduced in France earlier in the current year. Additionally, India and Sri Lanka agreed in July to implement this payment mode in the island nation.

Furthermore, an agreement signed between India and Singapore in 2021 linked the UPI and PayNow payment systems, enabling streamlined cross-border transactions between the two nations. This collaborative feature became operational in February of this year.

Several other countries, including the UAE, Bhutan, and Nepal have already embraced the UPI payment system.

Source: Economic Times

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