UPI Ends FY24 with Record Transactions Worth ₹199 Lakh Crore

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

1. 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.

2. 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.

3. 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.

4. 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.