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Statsguru: Six charts explain the rise of UPI transaction volumes

Smaller transactions dominate the system. Nearly seven out of every 10 transactions initiated via UPI are for less than Rs 500

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The trend only shows signs of strengthening. While the volume of UPI transactions doubled year-on-year as of July, the value of transactions went up by over 75 per cent, and new banks are being added every month

Sachin P Mampatta
The recent uproar over potential charges for using the Unified Payment Interface (UPI) can perhaps be seen as a measure of its success.The recent Reserve Bank of India paper also examined charges for other instruments, such as credit and debit cards, which did not lead to a similar level of popular debate. The UPI platform has left these instruments far behind in enabling digital transactions, accounting for over 60 per cent of transactions in 2021-22 compared to less than 6 per cent in 2017-18. Card transactions have seen their use erode to a single-digit share over the same period (chart