The Unified Payments Interface (UPI) has achieved a remarkable milestone by processing over 15 billion transactions in a single month for the first time in September. Data from the National Payments Corporation of India (NPCI) shows that UPI recorded 15.04 billion transactions worth 20.64 lakh crore or 20.64 trillion.

In comparison, August saw 14.96 billion transactions valued at 20,60,735.57 crore. This represents a 0.5% increase from the previous month and a 42% growth year-on-year. UPI first surpassed the 10 billion transaction mark in August of last year, leading to an average of over 500 million daily transactions.

According to the report, UPI reached 500 million daily transactions for the first time on July 2, 2024. While NPCI has yet to publish detailed app-specific data, PhonePe held a market share of 48.36% by transaction volume in August, followed by Google Pay at 37.3% and Paytm at 7.21%.

CRED has emerged as the fourth largest player in UPI transactions, with new entrants like Flipkart, NAVI, and BharatPe also gaining traction in the consumer payments space. Sources from Entrackr indicate that Infibeam Avenues plans to enter the UPI market with a new payment app called RediffPay.

NPCI is a government based company which looks after the retail payments and settlement systems in India. UPI or Unified Payments Interface is a platform developed by NPCI which facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. Now, the application has become one of the most successful deep-tech financial innovations India has produced so far.Beyond its growth in India, NPCI has also launched instant payment services in several countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.

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