In the modern digital landscape, UPI has emerged as a game-changer. UPI has changed the way we transfer money today.
After the launch of UPI in 2016, UPI grabbed popularity among consumers and businesses within a few months.
Due to UPI’s user-friendly and efficient system, it is reshaping the payment ecosystem on a global scale.
In this article, I have compiled and gathered all the essential insights into UPI, from the number of UPI transactions to the future predictions of UPI.
Without any future delay, let’s get into it.
UPI Statistics (Top Picks)
- UPI registered 9.33 billion transactions in June 2023.
- UPI recorded 43.22 billion transactions as of 2023.
- 5,363.63 million peer-to-merchant UPI transactions were recorded in June 2023.
- State Bank of India processed 2415 million UPI transactions in June 2023.
- In June 2023, all UPI transactions’ value was over INR 14.75 trillion.
- The value of all UPI transactions is over INR 83.14 trillion as of 2023.
- 76.28% of all transaction value came from peer-to-peer UPI transactions in June 2023.
- 46.4% of all UPI transactions come from PhonePe as of 2023.
- UPI will achieve 1 billion daily transactions by 2026-27.
- UPI transactions will grow at a CAGR of 50% from 2022-23 to 2026-27.
- Bhutan became the first country to accept the UPI payment system through BHIM UPI in July 2021.
UPI Transaction Statistics
- UPI registered 9.33 billion transactions in June 2023.
In May 2023, UPI experienced its highest number of transactions since its launch in May 2023, reaching 9.41 billion transactions. However, this was followed by a decrease of 80 million transactions from May to June 2023.
Please refer to the table below for a breakdown of the number of UPI transactions from June 2022 to June 2023:
| Month | The Number of UPI Transactions |
|---|---|
| June (2023) | 9.33 billion |
| May (2023) | 9.41 billion |
| April (2023) | 8.89 billion |
| March (2023) | 8.70 billion |
| February (2023) | 7.50 billion |
| January (2023) | 8 billion |
| December (2022) | 7.8 billion |
| November (2022) | 7.3 billion |
| October (2022) | 7.3 billion |
| September (2022) | 6.7 billion |
| August(2022) | 6.5 billion |
| July (2022) | 6.2 billion |
| June (2022) | 5.8 billion |
- UPI recorded 43.22 billion transactions as of 2023.
In 2022, UPI transactions increased by 70% and reached 74 billion.
Comparatively, in January 2022, there were 152 million UPI transactions, which increased to 237 million by December 2022.
In the year 2021, there were 38.74 billion UPI transactions recorded.
The table below shows the total number of UPI transactions by year.
| Year | The Number of UPI Transactions |
|---|---|
| 2023 (As of June) | 43.22 billion |
| 2022 | 74 billion |
| 2021 | 38.74 billion |
| 2020 | 18.88 billion |
| 2019 | 11.58 billion |
| 2018 | 3.74 billion |
| 2017 | 429 million |
| 2016 | 2.56 million |
- 5,363.63 million peer-to-merchant UPI transactions were recorded in June 2023.
In June 2023, peer-to-merchant transactions accounted for 57.46% of all UPI transactions.83.92% were made for amounts between INR 0 and INR 500.
Please refer to the table below for a breakdown of peer-to-merchant UPI transactions by amount.
| Amount | The Number of Transactions | The share of the Transaction |
|---|---|---|
| INR 0 to INR 500 | 4,501.39 million | 83.92% |
| INR 501 to INR 2000 | 600.82 million | 11.20% |
| More than INR 2000 | 262.42 million | 4.87% |
- Peer-to-peer UPI transactions accounted for 42.54% of all UPI transactions in June 2023.
In June 2023, 3,971.43 million peer-to-peer transactions were recorded, with 54.37% of these UPI transactions being between INR 0 to INR 500, accounting for 2,159.30 million transactions.
Please refer to the table below for the full breakdown of peer-to-peer transactions by amount.
| Amount | The Number of Transactions | The share of the Transaction |
|---|---|---|
| INR 0 to INR 500 | 2,159.30 million | 54.37% |
| INR 501 to INR 2000 | 879.73 million | 22.15% |
| More than INR 2000 | 932.39 million | 23.48% |
- State Bank of India processed 2415 million UPI transactions in June 2023.
State Bank of India was the leading bank in UPI transactions, with 2415 million transactions.
HDFC Bank came in second place with 830 million transactions, followed by Bank of Baroda in third place with 604 million transactions.
The table below displays the top-performing banks in June 2023 by UPI transactions.
| Rank | Top Banks | The Number of UPI Transactions |
|---|---|---|
| 1. | State Bank of India | 2415.09 million |
| 2. | HDFC Bank | 830.95 million |
| 3. | Bank of Baroda | 604.62 million |
| 4. | Union Bank of India | 581.94 million |
| 5. | ICICI Bank | 461.74 million |
| 6. | Punjab National Bank | 449.87 million |
| 7. | Kotak Mahindra Bank | 436.37 million |
| 8. | Canara Bank | 429.75 million |
| 9. | Axis Bank | 422.13 million |
| 10. | Paytm Payments Bank | 407.65 million |
- Yes Bank is the top UPI payer payment service provider, With 3,318.70 million transactions.
In second place came Axis Bank, with 1,657.48 million UPI transactions.
Axis Bank is followed by ICICI Bank and Paytm Payments Bank, with 1,416.23 million and 1,219.59 million UPI transactions, respectively.
A table shows the top UPI payer payment service providers by UPI transactions.
| Top payer payment service providers | The Number of transactions |
|---|---|
| Yes Bank | 3,318.70 million |
| Axis Bank | 1,657.48 million |
| ICICI Bank | 1,416.23 million |
| Paytm Payments Bank | 1,219.59 million |
| State Bank of India | 1,013.07 million |
| HDFC Bank | 747.72 million |
| Kotak Mahindra Bank | 17.76 million |
| Fampay (PPI) | 15.23 million |
| Airtel payments Bank | 9.08 million |
| IDFC First Bank | 6.53 million |
Source: National Payments Corporation of India.
The Value of UPI Transactions
- In June 2023, all UPI transactions’ value was over INR 14.75 trillion.
The value of UPI transactions in June 2023 decreased by over INR 0.14 trillion, which is lower than the value in May 2023, which was INR 14.89 trillion.
Similarly, in January 2023, the value of UPI transactions was over INR 12.98 trillion, less than that in June 2023, which was INR 14.75 trillion.
For a more detailed overview of the value of UPI transactions from January 2023 to June 2023, please refer to the table provided.
| Month | The Value of UPI Transactions |
|---|---|
| June | INR 14.75 trillion |
| May | INR 14.89 trillion |
| April | INR 14.07 trillion |
| March | INR 14.10 trillion |
| February | INR 12.35 trillion |
| January | INR 12.98 trillion |
| December | INR 12.82 trillion |
| November | INR 11.90 trillion |
| October | INR 12.11 trillion |
| September | INR 11.16 trillion |
| August | INR 10.72 trillion |
| July | INR 10.62 trillion |
| June | INR 10.14 trillion |
- The value of all UPI transactions is over INR 83.14 trillion as of 2023.
The value of UPI transactions is snowballing every year, with an increased number of transactions taking place. As of 2022, the value of UPI transactions has exceeded INR 125.88 trillion.
A table has been provided to showcase the value of UPI transactions since its launch.
| Year | The Value of UPI Transactions |
|---|---|
| 2023 (As of June) | INR 83.14 trillion |
| 2022 | INR 125.88 trillion |
| 2021 | INR 71.54 trillion |
| 2020 | INR 33.83 trillion |
| 2019 | INR 18.31 trillion |
| 2018 | INR 5.80 trillion |
| 2017 | INR 570.16 billion |
| 2016 | INR 8.90 billion |
- The value of peer-to-merchant transactions was INR 3.50 trillion in June 2023.
In June 2023, 23% of transaction value came from peer-to-merchant transactions. Of these transactions, 67.42% of the value came from transactions between INR 0 to INR 500, which accounted for 2.36 trillion.
A table provides a detailed breakdown of the total value of all peer-to-merchant transactions.
| Amount | The Value of Transactions | The Share of Value |
|---|---|---|
| INR 0 to INR 500 | INR 2.36 trillion | 67.42% |
| INR 501 to INR 2000 | INR 0.61 trillion | 17.59% |
| More than INR 2000 | INR 0.52 trillion | 14.99% |
- 76.28% of all transaction value came from peer-to-peer UPI transactions in June 2023.
At this time, peer-to-peer UPI transactions accounted for a transaction amount of 11.25 trillion, which represents 1/4 of all UPI transactions.
Transactions between INR 0 to INR 500 comprised 87.25% of the transaction value, totaling INR 9.81 trillion.
Refer to the table below for additional insights on the transaction value of peer-to-peer transactions.
| Amount | The Value of Transactions | The Share of Value |
|---|---|---|
| INR 0 to INR 500 | INR 9.81 trillion | 87.25% |
| INR 501 to INR 2000 | INR 1.07 trillion | 9.54% |
| More than INR 2000 | INR 0.36 trillion | 3.21% |
Source: National Payments Corporation of India
Share of UPI Apps In The Total Transactions
Several UPI apps are available, but the top three currently hold over 95% of the market share.
This section presents all the essential insights into the share of UPI apps in total UPI transactions.
- 46.4% of all UPI transactions come from PhonePe as of 2023.
In June 2023, 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 96% of all UPI transactions in value.
This means that these apps processed approximately 8.41 billion transactions, valued at INR 13.44 trillion.
A table shows the share of UPI apps in all UPI transactions.
| UPI Apps | Market share |
|---|---|
| PhonePe | 46.38% |
| GooglePay | 34.75% |
| Paytm | 14.66% |
| CRED | 0.5% |
| Others | 3.7% |
- PhonePe processed 4.46 billion transactions in June 2023.
PhonePe was the leading UPI app in March, processing 4.07 billion transactions.
In terms of transaction count, the payments company held a market share of 46.38%, while in terms of transaction value, it held a market share of 49.45%.
Google Pay came in second place, processing 3.26 billion UPI transactions.
A table shows the total number of UPI transactions by UPI apps.
| UPI Apps | The Number of Transaction |
|---|---|
| PhonePe | 4.46 billion |
| GooglePay | 3.26 billion |
| Paytm | 1.19 billion |
| CRED | 0.73 billion |
| Amazon Pay | 0.52 billion |
| Axis Bank App | 0.9 billion |
| ICICI Bank App | 0.27 billion |
| Yes Bank App | 0.35 billion |
| BHIM | 0.23 billion |
| HDFC Bank App | 0.17 billion |
- PhonePe holds 49.45% of all UPI transaction’s value.
PhonePe processed a total of INR 7.45 trillion in transaction value through 4.07 billion transactions, while GooglePay came in second with INR 4.94 trillion in transaction value.
The table below displays the value of all UPI transactions by UPI apps.
| UPI Apps | The Value of Transactions |
|---|---|
| PhonePe | INR 7.45 trillion |
| GooglePay | INR 4.94 trillion |
| Paytm | INR 1.39 trillion |
| CRED | INR 0.26 trillion |
| Amazon Pay | INR 0.056 trillion |
| Axis Bank App | INR 0.016 trillion |
| ICICI Bank App | INR 0.085 trillion |
| Yes Bank App | INR 0.12 trillion |
| BHIM | INR 0.072 trillion |
| HDFC Bank App | INR 0.041 trillion |
- In 2022, PhonePe held 43% of the market share of UPI.
According to data for the first half of the financial year 2022, PhonePe and Google Pay held the largest market share of UPI apps, at approximately 43%. Paytm followed with an app market share of 8% during the same period.
A table shows the market share of UPI apps in 2022.
| UPI Apps | Market Share |
|---|---|
| PhonePe | 43% |
| Google Pay | 43% |
| Paytm | 8% |
| Amazon Pay | 1% |
| CRED | 1% |
| BHIM | 2% |
| Others | 2% |
Source: Statista, National Payments Corporation of India.
Did you know? The global Mobile Payment Market is estimated to be valued at $52.21 billion as of 2023.
The Future of UPI Transactions
- UPI will achieve 1 billion daily transactions by 2026-27.
Between 2022-23, UPI was responsible for 75% of the total transaction volume, indicating a significant move towards digital payments.
Over the next five years, UPI is expected to solidify its position in the retail digital payments market and reach an impressive 90% of the total transaction volume.
- UPI transactions will grow at a CAGR of 50% from 2022-23 to 2026-27.
The rapid growth of UPI transactions provides insight into the changing payment behaviors of the nation.
Online transactions are expected to increase from 103 billion in FY 2022-23 to 411 billion in FY 2026-27.
UPI transactions are projected to significantly increase from 83.71 billion in 2022-23 to an astounding 379 billion transactions by 2026-27.
Source: ibef.org
How Does UPI Transaction Work?
In UPI transactions, four parties are involved: Payer PSP, Payee PSP, Remitter Bank, and Beneficiary Bank. Each of these parties plays a significant role in the process.
Let’s take a closer look at what each party does:
- Payer PSP:
- Customer Onboarding
- Create UPI ID
- Create device binding (first-factor authentication)
- Payee PSP:
- On-board customer/merchant
- Facilitate money transfer/payment to the recipient using UPI
- Remitter Bank
- Hold and Debit Bank account for the transaction
- Store and verify UPI PIN
- Beneficiary Bank
- Process incoming credit and funds into the beneficiary account.
Here is a visual representation of the entire UPI transaction process.
What Is UPI 2.0?
NPCI has announced an upgraded version of the Unified Payment Interface called UPI 2.0, which includes several new features.
Reserve Bank of India (RBI) Governor Urjit Patel officially launched UPI 2.0 in Mumbai, with select members from banks and the NPCI in attendance.
Here are some of the critical features of UPI 2.0. Let’s see it.
- Linking of overdraft account– With UPI 2.0, customers can now connect their overdraft (OD) account to UPI. Previously, only saving and current accounts could be linked to the payment interface.
- One-time mandate– The upgraded UPI 2.0 also allows for scheduling payment transfers for a later date. To use this feature, pre-authorization of the transaction is required.
- Invoice in the inbox– This feature lets customers view and verify credentials, ensuring they originate from the correct merchant.
- Signed intent and QR– This feature is designed to enable customers to verify the legitimacy of merchants by scanning a QR or quick response code.
Source: The Indian Express, IAS Parliament.
Which Countries Have Adopted UPI?
Over the past seven years since UPI’s launch, UPI payment systems have been accepted in over ten countries worldwide.
Here’s a list of all the countries that have adopted UPI to date:
- Bhutan became the first country to accept the UPI payment system through BHIM UPI in July 2021.
Bhutan has recently adopted India’s UPI standards for its quick response (QR) code, becoming the first country to do so.
On July 13, 2021, the Royal Monetary Authority of Bhutan was given access to UPI.
BHIM, India’s digital payment application, operates through UPI, which enables multiple bank accounts to be integrated into a single mobile application.
Here is a list of countries that have accepted UPI payment systems and which are planning to get them in the future.
| Country | Accepted |
|---|---|
| Bhutan | July 2021 |
| Oman | March 2022 |
| The United Arab Emirates | April 2022 |
| Malaysia | 2021 |
| The United Kingdom | August 2022 |
| Singapore | February 2023 |
| Europe | October 2022 |
| Bahrain | – |
| France | July 2023 |
Source: Business Today
Which Banks Offer UPI Facilities In 2023?
Numerous banks offer UPI facilities to their customers. Here are some of the main banks that provide UPI facilities.
| Main Banks | Main Banks |
|---|---|
| Airtel Payment Bank | HSBC |
| Andhra Bank | Indian Bank |
| Bank of Baroda | ICICI Bank |
| Allahabad Bank | IndusInd Bank |
| Bank of India | State Bank of India |
| Canara Bank | Kotak Mahindra Bank |
| City Union Bank | Union Bank of India |
| DBS Digibank | Paytm Payments Bank |
| Federal Bank | YES Bank |
| HDFC Bank | Punjab National Bank |
Source: Bank Bazaar.
Apps With UPI Feature
Here is a list of UPI Apps that provide the facility of UPI.
| Sr. No. | UPI Apps |
|---|---|
| 1. | PhonePe |
| 2. | Paytm |
| 3. | BHIM App |
| 4. | MobiKwik |
| 5. | Google Pay |
| 6. | Uber |
| 7. | Chillr |
| 8. | Paytm Payments Bank |
| 9. | SBI Pay |
| 10. | iMobile |
| 11. | Axis Pay |
| 12. | BOB UPI |
Source: Bank Bazaar
UPI Fees And Charges
There are no fees or charges associated with the UPI platform. The UPI program was launched to encourage digital transactions.
Initially, the NCPI had set transaction charges at 50 paise per transaction, but the Government of India later abolished these charges to promote greater platform use.
However, it should be noted that certain UPI apps may impose fees separate from UPI fees and charges.
Source: Bank Bazaar
Timeline of UPI
This section will take you through the journey of UPI since it was created and bought in use.
- April 2009: NPCI was created to unify payment systems in India.
- 2012: RBI released a vision statement for four years, expressing its commitment to creating a payment and settlement system that is safe, efficient, accessible, inclusive, interoperable, and authorized in India.
- 2016: Officially, UPI was launched.
- 2018: Upgraded version of UPI, UPI 2.0, was launched by NPCI.
- December 2019: After witnessing the success of UPI, Google suggested the Federal Reserve Board adopt it as a blueprint for developing Fed Now, a payment system in real-time for the United States.
- February 2023: PhonePe has announced that it will now support UPI for international payments in UAE, Singapore, Mauritius, Nepal, and Bhutan.
Source: ijcrt.org
More Articles Related To Statistics
Conclusion: UPI Statistics (2023)
Based on the statistics of UPI, it is reasonable to expect that UPI will reach 1 billion daily transactions by 2026-27.
India’s remarkable success with UPI has made it a subject of study worldwide. With its widespread adoption, India has taken a leading role in digital payment systems, and its GDP has thrived.
UPI has garnered support from countries such as Bhutan, Singapore, and Nepal, demonstrating how it has simplified money transactions for individuals and businesses.
FAQs
As of November 2022, the platform has over 300 million active users monthly in India, facilitating over 2,348 transactions per second.
According to data from MyGovIndia, India ranked first among five countries for digital payments. The data also revealed that India accounted for 46% of global real-time payments last year.
The National Payments Corporation of India (NPCI) developed the Unified Payment Interface (UPI) under the guidance of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).
NCPI has enabled NRIs residing in 10 countries to utilize UPI services by linking their international mobile numbers to their Non-Residential External (NRE) or Non-Residential Ordinary (NRO) bank accounts.
India has surpassed China by a significant margin and secured the top spot in the world ranking for digital payments, with 89.5 million transactions recorded in 2022.
