Within 9 years of its launch, India’s Unified Payments Interface (UPI) has emerged as the leading digital payment platform, moving ahead of the previous number 1 Visa, one of the oldest and largest digital payment networks, in transaction volume.
On June 1, UPI’s transactions hit 644 million and a day later 650 million. Visa reported about 640 million transactions daily in FY24. UPI’s daily average volumes in May were at around 602 million, while in the first three days of June it has been 648 million. Thus, UPI has inched ahead of Visa’s daily average volume this June.
UPI is also growing at 4 times the pace of Visa. UPI’s monthly transaction growth is currently at 5-7%, with an annual growth of 40%, compared to Visa’s 10% yearly growth.
Apart from India, UPI is also operational in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
