In India, a new financial era powered by UPI has brought revolutionary changes in the way you transfer money.
UPI is responsible for more than 80% of all digital payments in India. In August 2024, more than 14.96 billion transactions were conducted through UPI, with a total transaction amount of ₹20.60 lakh crores.
Let’s take a detailed look at the number of UPI users, transactions, and much more in the article below.
UPI Statistics 2024: Top Picks
- More than 350 million people use UPI in India.
- More than 443 million UPI transactions take place daily.
- In Q2 2024, more than 14.96 billion UPI transactions were recorded.
- Apart from India, UPI is accepted in 12 countries, while 10 countries will potentially start accepting UPI payments in the future.
- Over 10 million transactions are processed through UPI Lite every month.
- Over 48.3% of all UPI transactions come from PhonePe.
How Many People Use UPI?
The number of UPI users increased rapidly with its launch, and within a few years, the number of UPI users had crossed 100 million.
Further, according to our estimates, the number of UPI users will be more than 300 365 million by the end of 2024.
Here are some figures about the number of UPI users and its growth.
1) Over 350 Million People Use UPI In The Indian Market
After 8 years of its launch, UPI managed to set a benchmark of 350 million users across India.
Most people in the country have embraced cashless payments, and the citizens of the Asia-Pacific region are the most willing consumers to adopt emerging cashless payments.
Furthermore, 93% of people will likely have made such payments in the past year.
Source: Forbes, European Payments Council.
How many UPI Transactions Per Day
The number of UPI transactions recorded per day in India has skyrocketed post-COVID, crossing the benchmark of 443 million UPI transactions per day.
These daily UPI transactions are predicted to reach 465 million by the end of 2024.
2) More Than 440 Million UPI Transactions Take Place Daily
These daily transactions grew exponentially during the past months. 240 million daily transactions were recorded through UPI back in February 2022.
RBI governor, while launching the Digital Payments Awareness Week at the RBI headquarters, stated that in terms of value, these UPI transactions are worth ₹6.27 lakh crore as of 2023. This is an increase of 17% in the value compared to the previous year.
In February 2022, the value of these UPI transactions in India was recorded to be ₹5.36 lakh crore.
3) Users Can Conduct 20 UPI Transactions Per Day
According to the new regulations of NPCI, users can conduct up to 20 UPI transactions within 24 hours.
If you have reached the limit in a day, you must wait 24 hours before initiating further transactions.
Note that these limits may vary depending on your bank.
Popular UPI apps, including Paytm, Google Pay, and Amazon Pay UPI, have established a daily transaction of ₹1 lakh($1,199.50).
Source: Times of India.
How Many UPI Transactions Per Month?
UPI monthly transactions crossed the benchmark of 10 billion in August 2023 and have been increasing since then. By August 2024, UPI users in India conducted more than 14.96 billion transactions.
Here are further details about the monthly UPI transactions and their limit.
4) An Average Of 10.07 Billion UPI Transactions Take Place Per Month
We conducted a study involving the number of UPI transactions recorded monthly by NPCI. The study involved the data from November 2022 to November 2023.
The study concluded that every month, an average of 10066.22 million transactions are recorded.
The UPI transactions grew by 4.103 billion compared to the previous years and by 7.19 billion compared to the year 2021.
The National Payments Corporation of India (NPCI) predicted that UPI transactions could reach 20 billion monthly in the next 18–24 months.
The following table displays the number of UPI transactions over time:
| Month | Number of UPI Transactions |
|---|---|
| Aug-24 | 14.963 billion |
| Jul-24 | 14.435 billion |
| Jun-24 | 13.885 billion |
| May-24 | 14.035 billion |
| Apr-24 | 13.303 billion |
| Mar-24 | 13.440 billion |
| Feb-24 | 12.102 billion |
| Jan-24 | 12.203 billion |
| Dec-23 | 12.020 billion |
| Nov-23 | 11.235 billion |
| Oct-23 | 11.408 billion |
| Sep-23 | 10.555 billion |
| Aug-23 | 10.586 billion |
| Jul-23 | 9.964 billion |
| Jun-23 | 9.335 billion |
5) The Maximum UPI Transaction Limit Per Month Is ₹30,00,000
Limited public sector banks and recognized private banks have imposed a UPI transaction limit per month.
For example, IDFC bank’s UPI transaction limit per month is ₹30,00,000, while SBI has not set any limit.
Now, until all banks adhere to the standard UPI limit set by RBI, most banks will have varying UPI transaction limits.
Here is the UPI limit of popular banks in India.
| Bank Name | UPI Transaction Limit |
|---|---|
| Bank Of Baroda | ₹25,000 |
| HDFC | ₹100,000 |
| ICICI Bank | ₹100,000 |
| IDBI Bank | ₹100,000 |
| IDFC | ₹100,000 |
| India Post Payment Bank | ₹25,000 |
| Kotak Mahindra Bank | ₹100,000 |
| United Bank of India | ₹25,000 |
| Punjab National Bank | ₹25,000 |
Source: Cashfree.
How Many Countries Use UPI?
UPI usage is not just limited to India. A number of countries worldwide have adopted the UPI payment system for making cashless payments.
This section will provide you with details about the countries worldwide that have adopted the UPI payment system.
7) 27 Countries Worldwide Use UPI As Of 2023
As per the 2021 agreement, Sri Lanka has started accepting UPI payments in the country. France and Singapore have also adopted UPI payments.
The Reserve Bank of India (RBI) and the Central Bank of the UAE have also signed an MoU to interlink the payment and messaging systems. This agreement has helped the UAE to integrate with India’s UPI services.
Additionally, the National Payments Corporation of India ( NPCI) has held talks with more nations, including the USA, Europe, and other West Asian countries, to extend UPI services.
Here is a list of countries that accept UPI.
| India | Singapore | South Korea |
| Armenia | Thailand | Bahrain |
| Bhutan | Cambodia | Maldives |
| Nepal | Vietnam | United Arab Emirates |
| France | Sri Lanka | Australia |
| Qatar | Indonesia | Japan |
| Saudi Arabia | Oman | Switzerland |
| Malaysia | Mauritius | Canada |
| United Kingdom | European Union | Russia |
Source: Times of India, Wikipedia.
UPI Lite Stats
UPI Lite has taken over the country’s imagination for small-value transactions in a single click. UPI Lite enables UPI users to transfer up to ₹200 in just a single click.
Recognizing the transformative impact of UPI Lite in everyday lives and its widespread popularity, the Reserve Bank of India recently announced an increase in its transaction limit from ₹200 to ₹500.
8) Over 10 Million Transactions Are Processed Through UPI Lite Every Month
Paytm was the first to introduce UPI Lite for small-value UPI transactions. Today, over 63% of all UPI Lite payments through Paytm QR codes are from the Paytm app.
So far, 50 million UPI Lite transactions have been recorded by Paytm Payments Bank.
Further, Paytm UPI Lite has recorded a total transaction GMV of ₹280 crore to date.
Source: Live mint.
9) UPI Lite Has A Success Rate Of 99.9%
During peak hours, there is a massive load on the UPI ecosystems.
However, with UPI Lite, no pin is needed, and a ticket-sized UPI transaction can be quickly made. Hence, its success rate is 99.9%, even during peak hours.
Source: Economic Times.
Which Bank Has The Most Share In UPI?
State Bank of India holds the highest share in the UPI market, with over 4 billion transactions in Q3 2024.
Other banks that recorded the highest UPI transactions were HDFC Bank Ltd, Bank of Baroda, and Union Bank of India.
Let’s look at the Banks with the highest number of UPI transactions.
10) The State Bank Of India Has The Highest Share In UPI, With An Average Of 4.05 Billion Transactions Recorded In Q3 2024
This total volume grew by almost 200 million compared to the previous month.
Comparatively, in October 2022, the total volume of UPI transactions recorded through the States Bank of India was 1.972 billion.
This means that the monthly UPI transactions through the State Bank Of India increased by 1 billion within a year.
The second highest share belongs to HDFC bank, and Bank of Baroda follows it in third place with a total transaction volume of 1 billion and 746 million, respectively.
Here are further details about the top 10 banks with the highest share of UPI based on the number of transactions
| Bank Name | Average Total Transactions Recorded In Q3 2024 |
|---|---|
| State Bank Of India | 4,052 million |
| HDFC Bank Ltd | 1,270 million |
| Bank of Baroda | 985 million |
| Union Bank of India | 941 million |
| Punjab National Bank | 835 million |
| Kotak Mahindra Bank | 772 million |
| Axis Bank Ltd | 730 million |
| Canara Bank | 722 million |
| ICICI Bank | 648 million |
| Bank of India | 478 million |
Source: NPCI
Share Of Online Payment Apps In UPI
Paytm was the leading player in the market a few years back. However, since the launch of PhonePe and Google Pay, Paytm went in third place.
Here are further details about the market share of the top UPI payments app.
11) PhonePe Is The Leading Player In The UPI Market, With 48.3% Of The Share
In Q3 2024, PhonePe, Google Pay, and Paytm remained the top players in India’s UPI payments market.
Based on data from the National Payments Corporation of India (NPCI), the three leading apps comprised almost 95% of all UPI transactions in value.
Over the past months, the share of BHIM and Amazon Pay has increased compared to the previous years.
The following table shows the share of UPI apps in all UPI transactions.
| UPI Apps | Market Share |
|---|---|
| PhonePe | 48.3% |
| GooglePay | 37% |
| Paytm | 7.82% |
| Others | 6.88% |
Source: The Hindu Businessline, Inc42.
UPI Application-Specific Stats
Different UPI applications are used by people worldwide. However, the top three players have kept their positions and have managed to grab the attention of users worldwide.
Let’s look at the detailed figures about the top UPI market players.
PhonePe Stats
PhonePe is the most preferred UPI app in India. Nearly 1 in 2 UPI users use PhonePe to make online payments and transactions.
Here are some cool facts about PhonePe.
12) PhonePe Recorded A Consolidated Revenue Of INR 2,914 Crs In The Financial Year 2023
This was a 77% year-over-year growth. In 2022, PhonePe generated a revenue of INR 1,646 Crs.
PhonePe added in their report that they are looking forward to expanding their market and becoming the leader in the digital payments market, especially for Money Transfers, Mobile Recharges, and Bill Payments.
Source: PhonePe.
13) PhonePe Has More Than 500 Million Registered Users
One in four Indians now use PhonePe. The company has successfully digitized over 36 million offline merchants across Tier 2,3,4, and beyond. It has also covered 99% of the postal codes across India.
Further, PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).
Source: PhonePe.
Google Pay Stats
Google Pay gained huge popularity soon after its launch. Its reward system and other features have inspired UPI users to choose the app.
Further, Many UPI users in the United States prefer to use Google Pay for cashless payments.
A case study found that more than 50% of Uber users have adopted Google Pay. 63% of these users were from outside the top 8 metro cities in India.
Here are more fascinating facts about Google Pay and its usage worldwide.
14) 150 Million Users Across 19 Countries Use Google Pay
This increase in the number of users is due to the seamless services PhonePay offers. It allows businesses and individuals to manage the payment process securely.
In 2019 alone, Google Pay gained an additional 69 million users. Further, it is projected to acquire another 100 million users in the upcoming year.
Besides, Google Pay ranks third among mobile payment applications in the United States, with 25.2 million users.
Additionally, Google Pay has 67 million active users in India.
Source: PlayToday.
15) 2,193 Companies Are Using Google Pay As A Mobile Payments Tool
2,193 businesses worldwide use Google Pay for their online payment services. Employees and employers prefer the application due to the all-in-one service available in the app.
Most of the companies that use GooglePay are in:
- Germany: 26.84%
- United Kingdom: 19.70%
- United States: 16.98%
Source: PlayToday.
16) 77% Of People In India Make Online Payments Using Google Pay
83% of Indians use Google Pay to make payments in stores, while 79% of the people in the country use it for online payments.
At the same time, the high usage of GooglePay in stores is recorded in the United States, Poland, Finland, and Germany.
Here are further details about the Google Pay Usage recorded for in-store and online payments.
| Country | Usage of Google Pay at Stores, Restaurants, and Other POS | Usage of Google Pay For Online Payments |
|---|---|---|
| India | 83% | 79% |
| United States | 37% | 32% |
| Poland | 34% | 39% |
| Finland | 32% | 29% |
| Germany | 31% | 16% |
| Italy | 30% | 18% |
| Switzerland | 29% | 27% |
| France | 29% | 15% |
| United Kingdom | 28% | 23% |
| Canada | 27% | 25% |
Source: Statista.
Paytm Stats
Paytm saw an increase of 36% of the monthly transacting users between 2022 and 2023. Hence, we expect the number of users to touch the benchmark of 100 million transacting users by the end of 2024.
Let’s take a look at some of the latest statistics related to Paytm in this section.m
17) Paytm Had An Average Of 89 Million Monthly Transacting Users In The Financial Year 2023
This was an increase of 36% compared to the previous year. In the financial year 2022, Paytm had an average of 61 million Monthly Transacting Users.
Further, In a letter to the shareholders, Paytm CEO Vijay Shekhar Sharma said they expect 500 million payment users and 100 million merchants soon in the upcoming years.
Source: Paytm.
18) The Total Revenue Of Paytm In The Financial Year 2023 Was ₹7,990 Crore
Meanwhile, the Payments revenue of Paytm was recorded to be ₹4,930 crore in the financial year 2023.
This was a growth of 58% compared to that recorded in 2021.
Payment businesses comprised 62% of Paytm’s total revenues in FY 2023.
Here are further details about the Revenue from Payment Services recorded by Paytm.
| Financial Year | Paytm Revenue From Payment Services Over The Years |
|---|---|
| 2023 | 4,930 |
| 2022 | 3,432 |
| 2021 | 1,981 |
Source: Paytm.
19) Paytm Payments Bank Witnessed A Total Transaction Volume Of 407.65 Million
Comparatively, in June 2022, 207.3 million transactions were recorded. This means the number of transactions that took place through Paytm Payments bank increased by almost 200 million in one year.
The number of UPI payments recorded through Paytm Payments bank has fluctuated over the last year.
Here are the number of UPI transactions (transaction volume) recorded through Paytm Payments bank over the last months.
| Month | The Volume Of Transactions Recorded On Paytm |
|---|---|
| June 2023 | 407.65 million |
| May 2023 | 425.23 million |
| April 2023 | 403.18 million |
| March 2023 | 404.99 million |
| February 2023 | 360.42 million |
| February 2023 | 389.61 million |
| January 2023 | 386.5 million |
| December 2022 | 364 million |
Source: Statista.
BHIM Pay Stats
BHIM was launched by the National Payments Corporation of India based on UPI. It is available in 13 Indian languages, including English.
Here are some of the facts and figures related to BHIM app usage.
20) As Of June 2023, 22.9 Million Monthly Transactions Were Recorded Through BHIM India
Comparatively, in June 2022, 22.5 million monthly transactions were recorded.
This was an increase of 0.4 million in a year. Huge fluctuations were seen in the number of monthly UPI transactions on BHIM.
The following table displays further details about the number of BHIM transactions recorded over the past months.
| Month | Number Of Transactions Recorded On BHIM |
|---|---|
| June 2023 | 22.9 million |
| May 2023 | 22.8 million |
| April 2023 | 23.61 million |
| March 2023 | 23.53 million |
| February 2023 | 23.06 million |
| January 2023 | 24.79 million |
| December 2022 | 25.31 million |
| November 2022 | 24.83 million |
| October 2022 | 25.36 million |
Source: Statista.
21) The Value Of Monthly Transactions Made Through The BHIM Amounted To More Than 72 Billion Indian Rupees As Of June 2023
This was a decrease of almost 3 billion Indian rupees in monthly value. In June 2022, the transactions’ value was recorded to be 75.16 billion Indian rupees.
The following table further details the value of monthly transactions recorded on BHIM over the past months.
| Month | Value Of Transactions Made On BHIM(Indian Rupees) |
|---|---|
| June 2023 | 72.59 billion |
| May 2023 | 71.89 billion |
| April 2023 | 73.5 billion |
| March 2023 | 74.81 billion |
| February 2023 | 71.41 billion |
| January 2023 | 81.45 billion |
| December 2022 | 83.79 billion |
Source: Statista.
UPI Fraud Statistics
UPIs continue to gain popularity and become the preferred mode of payment. Hence, it is crucial to address the rising incidence of fraud and chart a way forward to safeguard the rising digital economy.
Here are some of the latest numbers that will provide you with updates about the UPI frauds and the losses that occurred.
22) More Than 95,402 UPI Fraud Cases Were Reported In The Financial Year 2023
According to the Indian government, 84,274 cases of UPI fraud were reported in 2021-22 and 77,299 cases in 2020-21.
These figures were released amid the rising cases of online cases of UPI-related fraud in the country. This increase in cases was recorded majorly after the COVID-19 pandemic.
Some of the common UPI frauds included:
- Impersonating sellers
- Unauthorized access through screen mirroring apps
- OTP and PIN fraud
- Initiating a collect request
- Phishing
- Malware
Source: India Today, Fortune India.
23) Nearly 50% Of The Financial Fraud Cases Recorded Between January 2020 And June 2023 Were Related To Internet Banking
Financial fraud accounted for 75% of the cyber crimes in India between January 2020 and June 2023.
Nearly 50% of these financial cyber crime cases were related to UPI payments and Internet banking.
Source: Hindustan Times.
Additional UPI Stats
Did you know? ₹1000 is the most common amount transferred to a contact.
Let’s take a look at some more cool facts about UPI.
24) A User Can Have Up To Four UPI IDs For The Same Bank Account
Additional UPI IDs can be created with the help of the Google Pay app. Having extra UPI IDs won’t make any difference in the transaction process.
However, it provides additional routes in case any payment route is unavailable. This helps in avoiding any payment failure case.
Source: The Times of India.
25) The Average Spending Of A PhonePe User Increased By 35% From Sunday To Monday
Considering that most people take breaks and hang out with their family and friends on the Weekend, this number is no surprise.
Source: PhonePe.
26) More Than 37% Of All UPI Transactions Are Recorded After 6 Pm
Most of these transactions occur in offline food and beverages as most working people prefer to hang out after their work.
Additionally, almost 10% of the daily transactions happen between 7 to 8 PM.
Source: PhonePe.
Conclusion: More Than 350 Million People Use UPI In India
Based on the data presented, UPI has seen tremendous growth in India, with over 350 million users and 443 million daily transactions as of 2024. The system processes nearly 15 billion transactions monthly, with PhonePe leading the market at 48.3% share.
UPI has expanded to 27 countries globally and continues to evolve with innovations like UPI Lite. While fraud remains a concern, UPI’s convenience and widespread adoption have revolutionized digital payments in India, accounting for over 80% of all digital transactions in the country.
