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The above graph represents the total value of UPI transactions in India by month, starting from August 2016 to June 2020. Both, the volume and value of UPI transactions in India hit a new record in June 2020. About 1336.93 million transactions worth Rs 2,61,835 crore were processed through Unified Payments Interface (UPI) in June month.
Growth in UPI Transactions In Value
|Source||Reserve Bank of India (RBI), NPCI|
|Note||India fiscal year starts from April 01|
Nearly 19.89% month-over-month and an astonishing 78.6% year-over-year growth were recorded in the total value of UPI transactions in India in June 2020.
It was the first time in December 2018 when the amount transacted through UPI crossed ₹1-trillion mark. A total of Rs 1,02,594.8 crore (Rs 1.03 trillion) worth of transactions were made through UPI in the December month. That’s an astonishing 24.76% month-over-month growth in the value of UPI transactions.
In January 2017, the United Payments Interface (UPI) recorded nearly 135% month-over-month growth in transaction value. The total amount transacted through UPI increased from just Rs 706.2 crore in December 2016 to Rs 1,658.8 crore to January 2017.
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.