The above graph represents the total number of UPI transactions in India by month, starting from August 2016 to December 2019. The number of UPI transactions increased a considerable 7.35% month-on-month in December 2019 to a record-high of 1,308.4 million. The country recorded a whopping 111% YoY growth in the UPI transaction volume when compared to December 2018. One must note that UPI touched $1 billion transactions in the month of October 2019.
Number of UPI Transactions in India by Month: History
|Source||Reserve Bank of India (RBI), NPCI|
|Note||India fiscal year starts from April 01|
The total transactions made through Unified Payments Interface (UPI) in India have crossed the 1 billion mark for the first time in October 2019. An impressive 20.2% month-over-month growth in UPI transaction volume is primarily led by the increase in merchant adoption of the payment channel as well as the increasing high-speed mobile internet penetration in India.
It is important to note that UPI was first introduced in August 2016, by the National Payments Corporation of India (NPCI). In just one year, the transactions through UPI increased from just 0.093 million in Aug 2016 to 16.61 million in Aug 2017 – recorded a whopping 17,758% YoY growth.
It was the first time in November 2017 when the total number of UPI transactions in India crossed the 100-million mark. About 104.8 million transactions were processed through UPI in November 2017, as against 76.8 million in October 2017.
Interestingly, India has been recording significant month-over-month growth in its transaction volume and value through UPI, especially after demonetization. In November 2016, there were about 0.285 million UPI transactions took place, which increased over 590% M-o-M to 1.967 million in December 2016. Again in January 2017, the number of UPI transactions increased more than 111% M-o-M to 4.153 million.
Digital Transactions In India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.