The above graph represents the total volume and value of UPI transactions in India by month, starting from August 2016 to August 2019. The digital transactions in India through Unified Payments Interface (UPI) touched a record high in August 2019, in terms of volume and value. About 918.35 million transactions worth Rs 1,54,504.9 crore were recorded through UPI in August month.
|Source||Reserve Bank of India (RBI), NPCI|
|Last Updated||23 September 2019|
|Duration||August 2016 to 2019|
That represents nearly 11.68% and 5.55% month-over-month growth in the volume and value of UPI transactions, respectively.
Interestingly, the December 2018 was the first time the total amount transacted through UPI in a month surpassed Rs 1- trillion mark. About 620.17 million transactions valued at Rs 1,02,594.8 crore were completed through UPI in December month, as against 524.94 million transactions valued at Rs 82,232.2 crore in the previous month.
As per the National Payments Corporation of India (NPCI) data shown in the graph, UPI transactions in value declined for two straight months (June and July 2019), despite increasing the number of transactions. While the number of UPI transactions increased from 733.54 million in May 2019 to 754.54 million in June 2019, the total amount transacted decreased from Rs 1,52,449.3 crore to Rs 1,46,566.4 crore during the same period.
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.