The dataset contains year, month and payment application-wise UPI Apps Transaction Statistics like Customer Initiated Transactions, B2C Transactions, B2B Transactions and On-us Transactions Note: 1) Unified Payments Interface(UPI) is an instant real-time payment system developed by National Payments Corporation of India. The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions 2) From January 2021 onwards, ‚On-us Transactions‚ in UPI that are not processed and settled through the UPI Central System is shown under ‚ On-us Transactions column 3) Apps which has volume less than 10,000 is included under‚ Other Apps. 4) App volume in table is basis the Payer App logic, i.e the financial transaction is attributed to the PSP in UPI on the Payer's side. 5) BHIM Volume is inclusive of *99# volume. 6) For WhatsApp, Maximum registered user base of hundred (100) million in UPI

In financial year 2023, there were over 84 billion UPI transactions worth about 139 trillion Indian rupees across India. The number of transactions was estimated to rise up to over 456 billions in financial year 2028 in the country. Unified Payments Interface (UPI) was introduced by National Payments Corporation of India (NPCI) in 2016 and facilitates inter-bank transactions.

Context

Since digital transactions are booming in India, analysing about it is a better way to know where it can take us.

Content

Dataset contains the percentage increase in digital transactions every month for the period of approximately 2 years. Also the total amount of money transferred by using this mode of transactions. Digital transaction includes NEFT/IMPS transactions via the app provided by the bank, UPI mode of transactions.

Acknowledgements

Thanks to the OGD Platform for making the data available. Without you this would not have been possible.

In financial year 2024, almost 164 billion digital payments were recorded across India. This was a significant increase compared to the previous three years.  Variety of digital payments  The total value of digital payments included large-scale interbank payments, such as Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT), as well as payments used by individuals, such as credit and debit cards. India’s mobile payment system, Unified Payments Interface (UPI), recorded strong gains, both in numbers and in value, since 2015. Thereby, it comes as no surprise that international key players, such as Google Pay or Amazon Pay, entered the market. Nevertheless, the most used app in 2021 was domestic app PhonePe.  COVID-19 effects  Since the beginning of the COVID-19 pandemic in India the number of digital payment transactions continued to grow. This was also true for the various methods of credit and debit transfers, including mobile payments through UPI. Nevertheless, the value of card payments and of large value credit transfers, such as RTGS, decreased considerably in financial year 2021.

High Frequency Indicator: The dataset contains year-, month-, state- and district-wise compiled data on the volume of transactions which have been done through National Financial Switch (NFS) System

Notes:

1. NFS (National Financial Switch) is a financial service which has a ATM network of 37 members and connects about 50,000 ATMs. It primary enables cardholders of participating member banks to use NFS networked Cash Recyclers/Cash Deposit Machines to deposit cash in their own account or third party account through its services such as UPI-ATM Cash Withdrawal, Interoperable Cash Deposit (ICD), etc. Apart from this, the other financial and non-financial services that NFS enables through its network are Mobile Banking Registration (MBR), Card-to-Card Fund Transfer (C2C), Cheque Book Request (CBR), Statement Request (SR), Aadhar Number Seeding (ANS), etc. These services are available for customers of participating member’s banks on participating members ATMs.

2. NFS is taken over by National Payments Corporation of India (NPCI) from Institute for Development and Research in Banking Technology (IDRBT) on December 14, 2009

As of June 2023, the unified payment interface (UPI) transactions in India were calculated to be worth over 14.7 trillion Indian rupees. Although this was a slight decrease compared to the previous month, the value of UPI transactions had grown extensively from less than 550 billion Indian rupees in August 2018.

UPI is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.