Unified Payments Interface (UPI) concluded FY24 on a remarkable note, achieving new milestones in transaction volume and value during March 2024. Despite a slight dip in February 2024 due to fewer days in the month and increased investment activity ahead of the financial year end, transactions worth ₹19.78 lakh crore were processed in March 2024, marking a significant increase from the previous record of ₹18.41 lakh crore set in January 2024.
Key Highlights
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Record-Breaking Transactions
- Transactions worth ₹19.78 lakh crore processed in March 2024, surpassing the previous record set in January 2024.
- Transaction volume reached 1,344 crore, showing a notable increase from the January peak of 1,220 crore transactions.
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Year-on-Year Growth
- Volume of transactions increased by 55 per cent compared to the previous year.
- Value of transactions witnessed a remarkable 40 per cent increase compared to March 2023.
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FY24 Performance
- In FY24, UPI processed 13,115 crore transactions, amounting to ₹199.29 lakh crore.
- Transaction volume increased by 56.6 per cent, while the value of transactions grew by 43.4 per cent compared to FY23.
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Future Projections
- UPI transactions are expected to surpass 100 crore transactions per day by FY27, according to a report by PwC India.
- UPI is projected to dominate the retail digital payments landscape, capturing 90 per cent of total transaction volumes over the next five years.