UPI Records Highest Number of Monthly Transactions

Data shared by the National Payments Corporation of India (NPCI) revealed that 5.58 billion transactions were made through the Unified Payments Interface (UPI) in April 2022. This is the maximum number of UPI transactions per month since the digital payment system was launched in 2016.

UPI is one of the most popular digital payment methods available in India at the moment. After all, the system has been designed to enable payments in a matter of seconds.

The payment system recorded more than 45 billion transactions worth Rs 84 lakh between April 2021 and March 2022. This was almost double the 22 billion transactions worth Rs 41 lakh in the previous fiscal year.

Walmart-owned Phone-Pe has facilitated the most UPI transactions in the last two fiscal years. PhonePe processed 20.7 billion UPI transactions in the fiscal year 2022, accounting for approximately 46% of all transactions, using a simple calculation based on monthly payment data shared by NPCI.

Then Google Pay came along, driving 35%, or 15.8 billion transactions. Paytm and Paytm Payments Bank have a 13% market share. WhatsApp has processed 17 million transactions in the past fiscal year.

To further expand the use of UPI, the Reserve Bank of India (RBI) launched UPI123Pay in March 2022, enabling feature phone users and offline mode payment methods.