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India’s flagship UPI is all set to surpass the global payments giant Visa’s transaction volume. This development will make Unified Payments Interface the biggest payment settlement platform in the world.
According to a report by Moneycontrol, as of June 1, UPI recorded 644 million transactions and 650 million the very next day.
During FY24, Visa processed an average of 639 million transactions per day, although it does not publicly disclose daily transaction figures.
In comparison, UPI recorded an average daily volume of 602 million transactions in May. Meanwhile, Visa’s average daily transactions in the March quarter stood at 674 million.
The payment mode has become the go-to transaction path for Indians as more and more people embrace the digitisation of operations. On a monthly basis, UPI records a 5 to 7 per cent growth, while it sees a whopping 40 per cent annual growth.
Meanwhile, Visa registers a 10 per cent growth annually in transactions. Based on these figures, UPI will seemingly overtake Visa’s daily average transaction in the coming two to three months.
The government and the National Payments Corporation of India (NPCI), which operates the instant payment system UPI, have set a goal of reaching 1 billion transactions per day.
UPI registers record growth in May
Last month, UPI touched a record high of Rs 25.14 lakh crore in May, recording a growth of 5 per cent over the preceding month as per NPCI’s data.
The UPI transaction value was Rs 23.94 lakh crore in April.
In terms of volume, 1,867.7 crore transactions were done in May against 1,789.3 crore in the previous month.
Impact Shorts
More ShortsNPCI said the value of the transactions worked at Rs 25.14 lakh crore in May against Rs 20.44 lakh crore in the same month a year ago, registering a growth of 23 per cent growth on an annual basis.
The daily transactions during the month averaged Rs 81,106 crore, up 1.5 per cent from April’s level of Rs 79,831 crore.
The record-breaking milestone of 1,868 crore UPI transactions worth Rs 25.14 lakh crore in May 2025 is a resounding testament to India’s growing digital payment ecosystem and the deepening trust in UPI as a preferred mode of transaction, Spice Money founder and CEO Dilip Modi said in a statement.
With inputs from agencies