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.