UPI transactions surged 4 times from 2021 to 2024, reaching 172 billion transactions annually. It now dominates digital payments, far outpacing card-based and wallet transactions. 30 million+ merchants onboarded on UPI, the merchant-to-consumer (P2M) segment is growing at 67 per cent on-year. Real-time fraud detection, cloud-native architecture, and scalable, dual-core switches are no longer optional; they are essential to ensuring frictionless, secure, and fail-proof digital payments as India continues its journey toward a truly cashless, globally connected economy, says The Digital Fifth. The share of the UPI in the country’s digital payments has surged from 34% in 2019 to an impressive over 83 per cent in 2024, with a remarkable CAGR (cumulative average growth rate) of 74 per cent over the last five years. At a macro level, the volume of UPI transactions increased from 375 crore in 2018 to 17,221 crore in 2024. The total value of transactions surged from Rs 5.86 lakh crore in2018 to Rs 246.83 lakh crore. The role of robust, high-resilience switching infrastructure becomes paramount, according to Sameer Singh Jaini, Founder and CEO of The digital fifth.
