Global leader: UPI surpasses 3,700 transactions per second, up 58% on year

Unified Payments Interface (UPI) has emerged as the world's leading alternative payment method, processing 3,729.1 transactions per second in 2023, a significant 58% increase from 2,348 transactions per second in 2022, according to Paysecure. UPI, a real-time payment system regulated by India’s central bank and operational since 2016, enables instant bank transfers. India is at the forefront of digital transactions globally, with over 40% of payments being made digitally. UPI is used for most of these transactions. From April to July 2024, UPI processed transactions worth US$ 962.71 billion (Rs. 80.8 lakh crore), marking a 37% YoY increase. In July, UPI transactions totalled US$ 245.92 billion (Rs. 20.64 lakh crore), maintaining a value above US$ 238.29 billion (Rs. 20 lakh crore) for 3 consecutive months. August data shows a 41% YoY increase in UPI volume and a 31% YoY rise in transaction value.

Skrill ranks as the second-most popular alternative payment method, handling 1,553.8 transactions per second and processing 49 billion transactions in 2023. Pix, introduced by the Central Bank of Brazil in late 2020, is the third-most popular, processing 1,331.8 transactions per second. Pix is widely adopted in Brazil, with 153 million users (75% of the population) and 15 million companies using the platform. It accounted for 39% of all electronic payments in Brazil in 2023. It could overtake debit card usage, representing 41% of electronic payments in the same year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.