India's UPI processed Rs 81 lakh crore worth of transactions from April to July

India's own digital payment system, UPI, processed transactions worth Rs 80.8 lakh crore (Rs 80,80,775.18 crore) from April to July this year, with July alone recording the highest at Rs 20.6 lakh crore.

UPI processed Rs 19.64 lakh crore worth of transactions in April, followed by Rs 20.44 lakh crore in May and Rs 20.07 lakh crore in June.

From January to July 2024, UPI processed a total of Rs 137.28 lakh crore (Rs 1,37,28,081.73 crore) worth of transactions, equivalent to approximately $1.636 trillion.

Surge in transaction volume

From April to July, over 55.6 billion transactions took place via UPI, with July alone recording the highest at 14.43 billion transactions.

Overall, from the start of this year until July, the country witnessed 93.4 billion transactions took place via UPI.

The payment system recorded 12.2 billion transactions in January, followed by 12.10 billion in February, 13.44 billion in March, 13.30 billion in April, 14.03 billion in May, and 13.88 billion in June.

Surpassing China's Alipay and PayPal

According to recent data from the global payments hub Paysecure, UPI handled an impressive 3,729.1 transactions per second, marking a 58% increase from the 2,348 transactions per second recorded in 2022.

This surge positions UPI ahead of China's Alipay, PayPal, and Brazil's PIX in terms of transaction volume.

Paysecure's analysis, which examined 40 of the top alternative payment methods worldwide, revealed these insights.

The report also said that India leads the world in digital transactions, with over 40% of payments being made digitally, and UPI is being used the majority of the time.

According to a report by consultancy firm PwC India, the number of transactions on UPI is expected to jump more than threefold from about 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91% of total retail digital transactions.