Unified Payments Interface, commonly known as UPI, is a real-time payment system that allows users to transfer money instantly through a mobile application. Launched in April 2016 by the National Payments Corporation of India (NPCI), UPI has witnessed unprecedented growth over the years.
Since it launched, transactions on the UPI have been on the uptrend. Transactions on the platform increased during demonetization and the COVID-19 lockdown when digital payments took center stage.
Incredible Milestone
According to the National Payments Corporation of India (NPCI) on Thursday, in August 2023 the total number of UPI transactions crossed the 10 billion mark with the amount of INR 15.7 Lakh crore (INR 15.7 Trillion).
In July 2023 it was 9.9 billion transactions with the amount INR 15.3 Lakh crore (INR 15.3 Trillion).
UPI Data from July 2022 to July 2023
| Month | Number of Bank live on UPI | Volume (in Mn) | Value (in Cr.) |
| Jul-23 | 473 | 9,964.61 | 15,33,645.20 |
| Jun-23 | 458 | 9,335.06 | 14,75,464.27 |
| May-23 | 445 | 9,415.19 | 14,89,145.50 |
| Apr-23 | 414 | 8,898.14 | 14,07,007.55 |
| Mar-23 | 399 | 8,685.30 | 14,10,443.01 |
| Feb-23 | 390 | 7,534.76 | 12,35,846.62 |
| Jan-23 | 385 | 8,036.89 | 12,98,726.62 |
| Dec-22 | 382 | 7,829.49 | 12,82,055.01 |
| Nov-22 | 376 | 7,309.45 | 11,90,593.39 |
| Oct-22 | 365 | 7,305.42 | 12,11,582.51 |
| Sep-22 | 358 | 6,780.80 | 11,16,438.10 |
| Aug-22 | 346 | 6,579.63 | 10,72,792.68 |
| Jul-22 | 338 | 6,288.40 | 10,62,991 |
Some Facts about UPI
- UPI is an instant payment system that enables inter-bank peer-to-peer and person-to-merchant transactions. It allows users to transfer funds between two bank accounts instantly, primarily through mobile devices.
- UPI is managed by NPCI (National Payments Corporation of India) which is a initiative by RBI for operating retail payments and settlement systems of India.
- NPCI is promoted by ten major banks.
- UPI is a versatile payment method that enables money transfers between any two bank accounts using a smartphone. This ease of use has contributed to its popularity among users.
- In the year 2020, UPI became the world’s largest real-time payment system, with a staggering 25.50 billion transactions annually. This achievement reflects its global impact on digital payments.
- UPI’s impact extends globally, with countries like the United Kingdom, United States, France, Australia, Canada, UAE, Saudi Arabia, Qatar, Singapore, Malaysia, Hong Kong, Nepal, Bahrain, and Bhutan and many other countries recognizing its efficiency and adopting it for digital payments.
- UPI is processing a significant portion, around 40%, of global real-time payments, highlighting its importance on the international stage.
- In India, you can use UPI with 473 different banks.
These facts showcase UPI’s transformative impact on digital payments, both in India and globally, making it a remarkable innovation in the world of finance.