UPI Statistics 2024
India’s Unified Payments Interface (UPI) continued its phenomenal rise in 2024, setting new records in digital transaction volume, value, and user adoption. What started as a real-time payment system just a few years ago has now become the backbone of India’s digital economy-powering daily transactions for millions of individuals, small businesses, and large enterprises alike. With over 171 billion transactions and a total value exceeding ₹245 lakh crore processed in a single year, UPI’s performance in 2024 reflects not just its scalability but its central role in transforming how India pays, earns, and transacts.
Executive Summary
- UPI accounted for 83% of all digital payments in India by the end of 2024
- Total volume surpassed 171 billion transactions, valued at approximately ₹245–₹247 lakh crore
- Year-over-year (YoY) growth: volume up ~45%, value up ~34-35%
- In the second half of 2024 alone, UPI processed 93.2 billion transactions worth ₹130.2 trillion
- December 2024 was a record-breaking month with 16.73 billion transactions totaling ₹23.25 lakh crore
- The system processed over 540 million transactions per day on average
- Daily volume exceeded 650 million by year-end, surpassing Visa globally in real-time transaction count
UPI’s Market Dominance in 2024
UPI emerged as the undisputed leader in India’s digital payments ecosystem. By the end of 2024, it handled 83% of all digital transactions in the country, cementing its role as the backbone of everyday payments for individuals, merchants, and businesses.
Out of the 208.5 billion total digital transactions recorded in India during the year, the majority were routed through UPI, showing both deep integration and nationwide trust in the platform.
Annual Transaction Volume and Value
In 2024, UPI processed approximately 171 billion transactions—up 45% from 2023. The total value of these transactions was around ₹245–₹247 lakh crore, marking a 34% increase over the previous year.
This sharp growth is not only a reflection of increased user adoption but also of UPI’s expanding role in high-value merchant transactions, bill payments, and e-commerce.
H2 2024 Performance
The second half of 2024 (July–December) showed even stronger momentum:
- Transaction volume: 93.23 billion (up 42% YoY)
- Transaction value: ₹130.19 trillion (up 31% YoY)
This period saw sustained growth across all categories-peer-to-peer transfers, merchant payments, and recurring payments such as utilities and subscriptions.
December 2024: Monthly Highs
December was the standout month of the year:
- Transactions: 16.73 billion
- Value: ₹23.25 lakh crore
Compared to November, this was an 8% increase in volume and a substantial jump in transaction value, reflecting heightened holiday spending and year-end settlements.
Average Daily Transaction Volume
By the end of 2024, UPI was processing over 540 million transactions per day on average. Toward the close of the year, this number surged past 650 million, making UPI the largest real-time payments system in the world in terms of daily transaction count.
It overtook established global payment systems like Visa in real-time processing-testament to its scalability, reliability, and mass adoption in India.
Month-by-Month Breakdown (2024)
| Month | Volume (million) | Value (₹ crore) |
|---|---|---|
| Jan 2024 | 12,203.02 | 1,84,108.39 |
| Feb 2024 | 12,102.67 | 1,82,786.93 |
| Mar 2024 | 13,440.00 | 1,97,835.32 |
| Apr 2024 | 13,303.99 | 1,96,464.52 |
| May 2024 | 14,035.84 | 2,04,493.70 |
| Jun 2024 | 13,885.14 | 2,00,708.12 |
| Jul 2024 | 14,435.55 | 2,06,429.24 |
| Aug 2024 | 14,963.05 | 2,06,073.55 |
| Sep 2024 | 15,041.75 | 2,06,399.47 |
| Oct 2024 | 16,584.97 | 2,34,982.14 |
| Nov 2024 | 15,482.02 | 2,15,518.74 |
| Dec 2024 | 16,730.01 | 2,32,469.99 |
This monthly growth reflects not just increasing adoption but also UPI’s integration into high-frequency, high-value use cases like merchant payments and enterprise transactions.
Market Share of UPI Apps
As of late 2024, two apps dominated UPI usage:
- PhonePe: 47.8% market share
- Google Pay: 37% market share
- Paytm: Approximately 7%
Combined, PhonePe and Google Pay facilitated nearly 85% of all UPI transactions. Due to this high concentration, regulatory authorities had considered a market share cap of 30%, but implementation was deferred until December 2026 to avoid disrupting the ecosystem.
Global Impact and Recognition
UPI now handles 50% of all real-time payment transactions globally. Its infrastructure, speed, and zero-cost model have made it a global case study for inclusive digital finance. Several countries have expressed interest in adopting or integrating with UPI-like systems, and partnerships have been established with nations like Singapore, UAE, France, and more.
India’s leadership in digital finance is largely driven by UPI’s success, and 2024 proved to be a breakout year in terms of global influence.
Conclusion
The numbers from 2024 show that UPI is not just a payment method-it is a digital infrastructure revolutionizing how money moves in India. With nearly ₹250 lakh crore in value processed and over 170 billion transactions handled in a single year, UPI has become an essential service for the Indian economy.
Whether you’re a fintech startup, enterprise, or everyday consumer, UPI continues to redefine convenience, trust, and scalability in the digital payments space. The momentum from 2024 positions UPI for even more transformative developments in 2025 and beyond.
