The National Payments Corporation of India (NPCI) has released the monthly volumes for Unified Payments Interface (UPI) transactions for May 2024, showcasing significant growth and adoption. UPI continues to be a cornerstone of India’s digital payments ecosystem, demonstrating robust performance and widespread usage.
In May 2024, UPI recorded a remarkable 14.04 billion transactions, reflecting a substantial 49% year-on-year increase. This surge underscores the growing preference for digital payments among Indian consumers and businesses. The average daily transaction count for the month stood at 453 million, highlighting the consistent and frequent use of UPI for a variety of payment needs.
The transaction amount for May 2024 reached ₹20.45 lakh crore, marking a 37% year-on-year increase. This significant rise in transaction value indicates not only the increasing number of transactions but also the higher average transaction size. On a daily basis, the average transaction amount was recorded at ₹65,966 crore, showcasing the substantial financial flow through the UPI system.
Comparing these figures to the previous month, April 2024, the growth trajectory remains evident. In April, the UPI transaction count was 13.30 billion, while the transaction amount was ₹19.64 lakh crore.
UPI’s continued growth showcases its convenience, reliability, and security as a payment method. Businesses of all sizes, from small merchants to large enterprises, are increasingly relying on UPI for efficient and transparent payment processing.