{"id":799,"date":"2018-12-04T14:43:14","date_gmt":"2018-12-04T09:13:14","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=799"},"modified":"2026-05-26T15:21:55","modified_gmt":"2026-05-26T09:51:55","slug":"upi-india-growth-trend-real-numbers-factual-analysis","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/upi-india-growth-trend-real-numbers-factual-analysis\/","title":{"rendered":"UPI Adoption: Numbers and Analysis from Cashfree"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f3bda9b2aa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f3bda9b2aa\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/upi-india-growth-trend-real-numbers-factual-analysis\/#UPI_payments_on_Cashfree\" >UPI payments on Cashfree<\/a><\/li><\/ul><\/nav><\/div>\n\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"799\" class=\"elementor elementor-799\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3e3f7a7e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3e3f7a7e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-761c67ac\" data-id=\"761c67ac\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79b5a elementor-widget elementor-widget-text-editor\" data-id=\"79b5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">UPI is set to become the de-facto mode of payment both for P2P (person to person) &amp; P2M (person to merchant) transactions. At Cashfree, we&#8217;ve always believed UPI to be a transformative force in the Indian payments ecosystem and were quick to jump on to the UPI bandwagon.<\/span><\/p><p>Presently, Cashfree offers the most extensive of <a href=\"https:\/\/cashfree.com\/blog\/how-to-do-upi-integration-into-my-website-or-mobile-application\/\">UPI integration options<\/a> among payment companies.<br \/>Its been close to 2 years Cashfree offering UPI; we took a look at UPIs adoption within Cashfree and outside, as a preferred payment method.<\/p><p><img fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"800\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/upi-india-growth-trend-real-numbers-factual-analysis\/neft-graph\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/neft-graph.png?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"neft graph\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/neft-graph.png?fit=770%2C403&amp;ssl=1\" data-recalc-dims=\"1\" class=\"alignnone wp-image-800\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2018\/12\/neft-graph-300x157.png?resize=770%2C403&#038;ssl=1\" alt=\"\" width=\"770\" height=\"403\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/neft-graph.png?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/neft-graph.png?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/neft-graph.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p><p><b>What we found!<\/b><\/p><p>UPI registered 40.5 Crore transactions in Sep 2018. This is more than the number of NEFT and IMPS transactions\u00a0<em>put together (31.5 Crore), <\/em>more than the number of credit card transactions and roughly equal to the number of debit card transactions. Within 30 months of launch, UPI went past transaction modes that have been around for almost a decade or longer.<\/p><p>While precise data is unavailable, almost all of this growth has been P2P transactions on popular UPI Apps &#8212; Google Pay, PhonePe,\u00a0 BHIM and PayTM &#8212; which account for &gt;90% share of UPI payments. The average ticket size of the payments, at around Rs 1800, is much lesser than NEFT or IMPS.<\/p><p>UPI has thus created a new market of small value P2P transactions &#8212; people are paying each other more often since it is easier to pay now.<\/p><p><b>How does UPI growth look like in the online P2M payments segment?<\/b><\/p><p><span style=\"font-weight: 400;\">NPCI and RBI data combines both P2P as well as P2M &#8212; offline &amp; online &#8212; numbers. <\/span><span style=\"font-weight: 400;\">While UPI has seen spectacular adoption as a P2P payment method, it is designed to be a very convenient way to pay for online purchases and to pay to businesses &#8212; both for the payee merchant and the customer.\u00a0<\/span><\/p><p><b>UPI v\/s Net banking v\/s Cards (debit &amp; credit) as an online P2M payment mode <\/b><\/p><table><tbody><tr><td>\u00a0<\/td><td>\u00a0<\/td><td><b>UPI<\/b><\/td><td><b>Net Banking<\/b><\/td><td><b>Cards<\/b><\/td><\/tr><tr><td rowspan=\"2\"><span style=\"font-weight: 400;\">For customers<\/span><\/td><td><span style=\"font-weight: 400;\">Payment information needed for checkout<\/span><\/td><td><span style=\"font-weight: 400;\">UPI ID &#8211; simple like email<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">4 digit MPIN<\/span><\/td><td><span style=\"font-weight: 400;\">Bank Login<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Bank Password<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">OTP or PIN<\/span><\/td><td><span style=\"font-weight: 400;\">16 digit card number<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">CVV<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Card expiry<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Cardholder name<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">OTP or ATM PIN<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Mobile friendly design<\/span><\/td><td><span style=\"font-weight: 400;\">High &#8211; Mobile first design<\/span><\/td><td><span style=\"font-weight: 400;\">Low<\/span><\/td><td><span style=\"font-weight: 400;\">Low<\/span><\/td><\/tr><tr><td rowspan=\"2\"><span style=\"font-weight: 400;\">For businesses<\/span><\/td><td><span style=\"font-weight: 400;\">Settlement to business account<\/span><\/td><td><span style=\"font-weight: 400;\">1 Day<\/span><\/td><td><span style=\"font-weight: 400;\">1-2 Days<\/span><\/td><td><span style=\"font-weight: 400;\">1 Day<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Success Rates<\/span><\/td><td><span style=\"font-weight: 400;\">70-95%*<\/span><\/td><td><span style=\"font-weight: 400;\">70%-90%<\/span><\/td><td><span style=\"font-weight: 400;\">70%-95%<\/span><\/td><\/tr><\/tbody><\/table><h2><span class=\"ez-toc-section\" id=\"UPI_payments_on_Cashfree\"><\/span>UPI payments on Cashfree<span class=\"ez-toc-section-end\"><\/span><\/h2><p>We looked into our\u00a0<span style=\"font-weight: 400;\"><a href=\"https:\/\/blogrevamp.cashfree.com\/payment-gateway-india?utm_source=content&amp;utm_medium=content_b&amp;utm_term=cashfree_payment_gateway_india\">payment gateway<\/a>\u00a0<\/span>data to check UPI adoption among payments at Cashfree&#8217;s 5000+ customers, compared to existing modes like Cards and Net Banking. Since it is exclusively based on Cashfree data, this comparison may not be an exact reflection of UPI as an online P2M payment mode, but still a close approximation due to the size of the sample set.<\/p><p><strong>Transactions via different payment modes on Cashfree (in %)<\/strong><\/p><p><img decoding=\"async\" data-attachment-id=\"801\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/upi-india-growth-trend-real-numbers-factual-analysis\/graph-cashfree\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/graph-cashfree.png?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"graph cashfree\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/graph-cashfree.png?fit=770%2C403&amp;ssl=1\" data-recalc-dims=\"1\" class=\"alignnone wp-image-801\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2018\/12\/graph-cashfree-300x157.png?resize=770%2C403&#038;ssl=1\" alt=\"\" width=\"770\" height=\"403\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/graph-cashfree.png?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/graph-cashfree.png?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/graph-cashfree.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p><p><img decoding=\"async\" data-attachment-id=\"803\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/upi-india-growth-trend-real-numbers-factual-analysis\/nov\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/nov.png?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"nov\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/nov.png?fit=770%2C403&amp;ssl=1\" data-recalc-dims=\"1\" class=\"alignnone wp-image-803\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2018\/12\/nov-300x157.png?resize=770%2C403&#038;ssl=1\" alt=\"\" width=\"770\" height=\"403\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/nov.png?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/nov.png?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2018\/12\/nov.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p><p><b>What we found<\/b><\/p><ul><li style=\"list-style-type: none;\"><ul><li>UPI which accounted for 3.2% of transactions last year in Nov, grew to 16.8% of the total transactions in 12 months. While relatively less spectacular compared to P2P, it is still very strong growth. UPI is now the second most popular payment mode on Cashfree by the number of transactions ahead of net banking and credit cards.<\/li><\/ul><\/li><\/ul><ul><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Looking at the graph indicates users from net banking are shifting to UPI, especially of late. The share of card transactions has remained steady.<\/span><\/li><\/ul><p>Expectedly, there is a correlation between P2P transactions and P2M transaction share. We can expect P2M transactions to take off like P2P transactions at some point.<\/p><p><span style=\"font-weight: 400;\">With UPI 2.0 features like:<\/span><\/p><ul><li style=\"list-style-type: none;\"><ul><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ability to link overdraft (OD) account with UPI app(earlier only fixed and savings account could be linked to the app)<\/span><\/li><li style=\"font-weight: 400;\">Ability of users to check the merchant&#8217;s credentials using a QR code<\/li><\/ul><\/li><\/ul><p>It is expected that UPI will be seeing higher adoption as a payment mode.<\/p><p><span style=\"font-weight: 400;\">Depending on your business requirement and the kind of checkout experience that you want to offer, you can opt for the <a href=\"https:\/\/cashfree.com\/blog\/how-to-do-upi-integration-into-my-website-or-mobile-application\/\">appropriate mode of UPI integration<\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>UPI is set to become the de-facto mode of payment both for P2P (person to person) &amp; P2M (person to merchant) transactions. At Cashfree, we&#8217;ve always believed UPI to be a transformative force in the Indian payments ecosystem and were quick to jump on to the UPI bandwagon. Presently, Cashfree offers the most extensive of<\/p>\n","protected":false},"author":7,"featured_media":796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1383],"tags":[1522,1379,2188,1381],"class_list":["post-799","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-payments","tag-cashfree-payments","tag-online-payment-gateway","tag-payment-gateway-integration","tag-payment-solution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UPI Adoption: Numbers and Analysis from Cashfree - Cashfree Payments Blog<\/title>\n<meta name=\"description\" content=\"We compared UPI, NEFT &amp; IMPS as payment modes. This report shows the UPI growth trend since the UPI launch in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/upi-india-growth-trend-real-numbers-factual-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPI Adoption: Numbers and Analysis from Cashfree - Cashfree Payments Blog\" \/>\n<meta property=\"og:description\" content=\"We compared UPI, NEFT &amp; IMPS as payment modes. 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