India Likely To Log Over 171 Billion UPI Transactions In 2024, NPCI Data Shows

The data showed that this represents a 45 per cent surge in the UPI transactions in the country, as against the 117 billion transactions recorded via UPI in 2023.

In terms of value, the transactions are expected to clock a 34 per cent increase to Rs 245 lakh crore in the year under review, in comparison to Rs 183 lakh crore recorded via the platform in the preceding year. 

Source : Paytm blog

The Unified Payments Interface (UPI) is estimated to surpass 171 billion transactions in 2024, official data from the National Payments Corporation of India (NPCI) revealed. The NPCI runs UPI in the country.

The data showed that this represents a 45 per cent surge in the UPI transactions in the country, as against the 117 billion transactions recorded via UPI in 2023, reported Moneycontrol. This indicated a sharp growth rate given the high base. 

In terms of value, the transactions are expected to clock a 34 per cent increase to Rs 245 lakh crore in the year under review, in comparison to Rs 183 lakh crore recorded via the platform in the preceding year. 

Notably, the growth rate and full-year figures are based on extrapolation of the daily and monthly numbers recorded by UPI on an average. However, this is based on a conservative estimate of the remaining days of December.

On an average, the UPI platform records 16 billion transactions per month, while the value of the same stands around Rs 22 lakh crore. However, this estimate is increasing every quarter and this rise is dependent on festival spending and other sale events, both online and offline.

UPI has now become the most popular real-time payments platform in the country and aids almost 85 per cent of all digital payments in India, the data showed.

Players In The UPI Space

The UPI space is currently being dominated by PhonePe and Google Pay, with both platforms accounting for 85 per cent of the market share. At the same time, new players such as Flipkart Group’s super.money, Fampay, and Sachin Bansal-backed Navi also logged robust growth on a sequential basis.

About 20 firms got their third-party application provider (TPAP) approval from NPCI in 2024 itself. This permission is necessary for firms to provide UPI services to the customers. As per the NPCI website, 40 companies have obtained the TPAP approval since 2016.