The Unified Payments Interface (UPI) has cemented its position as the world's leading alternative payment method, achieving a remarkable 3,729.1 transactions per second in 2023. This represents a significant 58% increase from the previous year’s 2,348 transactions per second, according to Paysecure. UPI, a real-time payment system regulated by India’s central bank and operational since 2016, facilitates instant bank transfers and has revolutionized the digital payments landscape in India.

India is now a global leader in digital transactions, with over 40% of payments made digitally. UPI plays a crucial role in this transformation, being the preferred method for most digital transactions. From April to July 2024, UPI processed transactions worth US$ 962.71 billion (Rs. 80.8 lakh crore), marking an impressive 37% year-on-year (YoY) increase. In July alone, UPI transactions totaled US$ 245.92 billion (Rs. 20.64 lakh crore), maintaining a value above US$ 238.29 billion (Rs. 20 lakh crore) for three consecutive months. August 2024 data further reveals a 41% YoY increase in UPI transaction volume and a 31% YoY rise in transaction value.

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In comparison, Skrill ranks as the second-most popular alternative payment method, processing 1,553.8 transactions per second and handling 49 billion transactions in 2023. Pix, introduced by the Central Bank of Brazil in late 2020, is the third-most popular, processing 1,331.8 transactions per second. Pix has achieved widespread adoption in Brazil, with 153 million users (75% of the population) and 15 million companies utilizing the platform. In 2023, Pix accounted for 39% of all electronic payments in Brazil and had the potential to surpass debit card usage, representing 41% of electronic payments in the same year.

UPI’s dominance in global payment systems underscores its effectiveness and widespread acceptance, reflecting its pivotal role in India's digital economy. For more insights on payment methods and their impact, check out our Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today and Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News.

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