UPI is closing in on a significant milestone: one billion transactions per month. In September 2019, UPI clocked 955m transactions, amounting to 1.61tr rupees (INR) or $23bn, demonstrating the extent to which Indian consumers have exuberantly welcomed real-time payments.
In India, less than 50 million credit cards account for more transactions – both in terms of volume and value – than over 800 million debit cards that are in circulation.
Fintech payment service providers including Google Pay, PhonePe and PayTM continue to lead from the front, accounting for 90 percent of the transaction volume. The increasing volume concentrated in just a handful of providers is leading to renewed focus from regulators, in order to ensure that UPI’s growth trajectory is not only maintained, but that the democratization of payments that it promises can be delivered upon.