UPI Overtakes Visa! India’s Digital Payment Giant Hits 650 Million Daily Transactions

Unified Payments Interface (UPI) is now recognised as the world’s number one real-time payment system, having overtaken Visa in daily transaction volume. According to a recent IMF note titled ‘Growing Retail Digital Payments: The Value of Interoperability,’ by June 2025, UPI was handling more than 640 million transactions daily, exceeding Visa’s 639 million.

In June 2025 alone, UPI processed 18.39 billion transactions amounting to Rs 24.03 lakh crore. Compared to the 13.88 billion transactions in June 2024, this marks a growth of approximately 32 per cent year-on-year.

May 2025 saw 18.68 billion transactions totalling Rs 25.14 lakh crore. On average, monthly transaction volumes in FY 2025 stood at 16.99 billion, significantly higher than previous years.

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The value of UPI-based digital payments in India in 2025 reached Rs 260.56 trillion, reflecting robust adoption and a substantial increase over recent years. UPI’s ecosystem currently supports 491 million individuals and 65 million merchants and brings together 675 banks onto a single interoperable platform.

UPI Payments In May 2025 

In transaction type distribution, 37 per cent of UPI payments in May 2025 were person-to-person, while 63 per cent were person-to-merchant, indicating strong adoption by the retail sector. Around 58 per cent of all UPI transactions had a ticket size between Rs 0 and Rs 500, although the average value for both person-to-person and person-to-merchant transfers was above Rs 2,000.

UPI accounts for 85 per cent of all digital transactions in India and contributes nearly 48.5 per cent to global real-time digital payment transactions as of fiscal year 2025. The main apps facilitating UPI payments include PhonePe, Google Pay, and Paytm, which dominate both transaction volume and value.

For instance, in June 2025, PhonePe recorded more than 8.54 billion transactions worth nearly Rs 11.99 lakh crore, while Google Pay handled over 6.54 billion transactions with a value of Rs 8.41 lakh crore.

UPI’s Global Reach

UPI’s interoperability allows users to send and receive payments across any participating bank and app, driving widespread acceptance among consumers and merchants. The system is also live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, supporting cross-border payments for Indians abroad.

UPI’s contribution to India’s digital payment landscape and its expanding international reach are underpinned by consistent growth in transaction volume and value, and strong public and merchant participation.