UPI Statistics 2024: A Year of Unprecedented Growth
The Unified Payments Interface (UPI) has solidified its role as India’s most significant digital payment platform. In 2024, it not only maintained its dominance but reached new milestones in both transaction volume and value. Here’s a look at how UPI performed during this record-breaking year.
UPI’s Dominance in Digital Payments
According to the Reserve Bank of India (RBI) Annual Report 2023–24, UPI accounted for nearly 79.7% of India’s digital payment transaction volume. This represents a significant rise from the previous year’s share of around 73.4%, indicating UPI’s deepening penetration across urban and rural areas.
- RBI reports that the total volume of digital payments (all types) in FY24 was 164.4 billion transactions, up 44% from 113.9 billion in FY23.
- UPI alone handled approximately 131 billion transactions in FY24, showcasing its critical position in India’s digital ecosystem.
Monthly Trends and Record Peaks
The year saw several record-breaking months:
- December 2024 recorded 16.73 billion transactions with a total value of ₹23.25 lakh crore. This was an 8% growth over November figures.
- January 2025 continued this upward trend with 16.99 billion transactions, totaling ₹23.48 lakh crore.
- March 2025 marked a significant peak with 18.3 billion transactions worth ₹24.77 lakh crore. This represents a year-on-year jump of nearly 36% in transaction volumes compared to March 2024.
- May 2025 posted another record with 18.68 billion transactions valued at ₹25.14 lakh crore, representing a 33% year-on-year increase.
The daily average number of transactions in recent months has ranged between 580–600 million, reflecting India’s growing reliance on digital payments even for small-value transactions.
Total Value Processed in FY24
In terms of value, UPI processed transactions worth approximately ₹200 lakh crore in FY24, according to the RBI. The first few months of FY25 have continued this trend, with monthly transaction values consistently above ₹23 lakh crore.
Overall digital payments in India (including UPI, cards, IMPS, and others) hit ₹2,862 lakh crore in FY24, reflecting robust expansion across all platforms, though UPI continues to dominate.
Market Share Among Apps
UPI’s ecosystem is led by key players:
- PhonePe and Google Pay together control over 85% of UPI transactions by volume.
- In May 2025, PhonePe alone processed around ₹12.56 lakh crore across approximately 8.7 billion transactions.
Smaller players like Paytm, Amazon Pay, and BHIM maintain modest market shares but collectively contribute to UPI’s diverse ecosystem.
Cross-Border Expansion
India’s push for UPI’s global presence gained momentum in 2024:
- UPI services are live in seven countries: UAE, Nepal, Bhutan, Singapore, Mauritius, France, and Sri Lanka.
- More countries are in advanced discussions for UPI integration, with the government targeting operations in at least 20 countries by 2028–29.
This cross-border capability allows Indians traveling abroad to use UPI-linked apps for payments via local QR codes or direct bank integrations.
Fraud Trends
As transaction volumes surged, so did challenges around security:
- Reports indicate UPI fraud cases rose to approximately 1.34 million cases in FY24, compared to around 725,000 cases in the previous year.
- The total value of UPI-related fraud was estimated at around ₹1,087 crore for FY24.
While these numbers represent a small fraction of total UPI transactions, they underscore the importance of continued investments in security and user awareness.
Regulatory Updates
A significant policy discussion in 2024 has centered on the introduction of a Merchant Discount Rate (MDR) for UPI:
- The government and NPCI are exploring MDR rates in the range of 0.2% to 0.3% for large merchants.
- No decision has been finalized, but such a move could impact how merchants perceive UPI as a low-cost payment solution.
(Source: Reuters)
Growth Outlook
Looking ahead:
- UPI’s monthly growth rate has moderated slightly to around 25% from the earlier 35% observed in late 2023 and early 2024.
- However, the absolute transaction numbers remain on a strong upward trajectory, suggesting sustained demand across both high-value and micro-payment use cases.
Industry experts believe that credit on UPI, increased rural adoption, and international expansion will be the next major growth drivers.
Key Figures at a Glance
| Metric | FY24–FY25 Highlights |
|---|---|
| Annual Volume | ~131 billion transactions |
| Annual Value | ₹200 lakh crore (FY24) |
| Peak Monthly Volume | 18.68 billion (May 2025) |
| Peak Monthly Value | ₹25.14 lakh crore (May 2025) |
| Daily Average Transactions | ~580–600 million |
| Market Share (PhonePe + Google Pay) | ~85% |
| Countries with Live UPI | 7 |
| UPI’s Share of Digital Payments | ~80% |
Conclusion
2024 was a landmark year for UPI, cementing its status as India’s leading digital payment platform. Despite emerging challenges around fraud and potential regulatory changes, UPI’s momentum appears strong. Its simplicity, zero-cost model for users, and integration with a range of banking products continue to drive its popularity both domestically and internationally.
As UPI evolves into new territories-such as credit payments and global interoperability-it’s clear that its journey is far from over.
