In a significant development for India’s digital payment journey, the Unified Payments Interface (UPI) has continued its impressive growth trajectory, with the National Payments Corporation of India (NPCI) reporting a substantial surge in transaction volumes and amounts for the month of April 2024.
According to the latest data released by NPCI, the UPI monthly transaction count stood at an impressive 13.30 billion in April 2024. This figure represents a remarkable 50% increase compared to the same period last year, underscoring the growing popularity and widespread adoption of UPI-based transactions across the country.
Notably, the total transaction amount processed through UPI during April 2024 also witnessed a substantial jump at 19.64 lakh crore. This reflects a robust year-on-year growth rate of 40%, highlighting the significant role that UPI plays in facilitating digital payments in India’s evolving financial ecosystem.
The surge in UPI transactions can be attributed to various factors, including the convenience, speed, and security offered by the UPI platform. With its seamless interoperability across different banks and payment service providers, UPI has emerged as the preferred choice for millions of users for making a wide range of transactions, including peer-to-peer transfers, bill payments, online shopping, and more.
The growth of UPI has been further fueled by the increasing adoption of digital payments, driven by factors such as expanding internet connectivity, growing acceptance of digital payments among merchants and consumers alike, and more.
