UPI transactions hit record high in India—here's what's behind the surge
UPI just had its biggest quarter ever in India, with 59.33 billion transactions between July and September 2024—a 34% jump from last year.
The total money moved reached ₹74.84 trillion, and over 709 million QR codes are now active across the country.
UPI is increasingly becoming a dominant method for payments, as evidenced by its rapid growth and widespread adoption.
What's fueling this growth?
Most of the action came from people paying merchants—those transactions shot up by 35%, while person-to-person payments also climbed nearly 30%.
More folks are using UPI for everyday things like food, transport, and healthcare, with smaller average amounts per payment showing it's not just for big buys anymore.
Why should you care?
UPI now handles almost half of all instant payments worldwide, according to the IMF.
Credit card issuance is rising too (up 35%), but debit card usage dropped as more people switch to digital payments.
With new features like credit-on-UPI on the way, expect even more ways to pay without cash or cards soon.