The Unified Payments Interface (UPI) says it is the foundation of India’s digital payments ecosystem and contributes to 80% of retail payments nationwide.
The total amount of transactions exceeded 131 billion, and between 2023 and 24 it exceeded 2 million rupees.
Its ease of use, combined with an increase in networks of participating banks and fintech platforms, said it constitutes a favourable real-time payment mode for millions of users across the country.
As of January 2025, more than 80 UPI apps, 641 banks, said they currently live in the UPI ecosystem.
During fiscal year 24-25 (until January 2025), Merchant-to-Merchant (P2M) transactions contributed 62.35%, while P2P transactions contributed 37.65% of the total UPI. The contribution of the P2M transaction reached 62.35% in January 2025. 86% of these transactions are up to a value of Rs 500.
