The role of UPI in India achieving a world record

India has solidified its position as the global leader in mobile payments, with a staggering 90.8% of its population using mobile wallets for transactions in 2023, according to a survey by GlobalData. The country’s Unified Payments Interface (UPI) continues to thrive, processing billions of rupees worth of transactions daily.

In April 2024 alone, the daily volume of transactions through UPI reached Rs 19.64 lakh crore, showcasing the widespread adoption of digital payments in India. The first half of May 2024 has already seen Rs 10.70 lakh crore worth of transactions, indicating a sustained growth trajectory.

The surge in mobile wallet usage is not limited to India, as the Asia-Pacific region (APAC) is also experiencing a similar trend. The COVID-19 pandemic has accelerated the shift towards contactless payments, driving the popularity of mobile wallets in these regions.

Experts predict that mobile wallets will continue to disrupt traditional payment methods in other countries as well. Factors such as high smartphone penetration rates, a large number of adults with bank accounts, and the presence of various domestic and international mobile wallet brands contribute to the widespread adoption of mobile payments.

The data from GlobalData’s 2023 Financial Services Consumer Survey, which included over 50,000 participants aged 18 and above from 40 countries, highlights the growing preference for mobile wallets globally. With the convenience and security offered by mobile payments, it is evident that this trend is here to stay.