As of November 2023, about 458 banks in India were live on the unified payment interface (UPI). UPI is a product of the National Payments Corporation of India (NPCI) and was launched in 2016. It allows users of payment service providers like PhonePe or GooglePay to use NPCI as switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023
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NPCI. (August 3, 2023). Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023 [Graph]. In Statista. Retrieved June 13, 2024, from https://www.statista.com/statistics/1225867/india-banks-on-upi/
NPCI. "Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023." Chart. August 3, 2023. Statista. Accessed June 13, 2024. https://www.statista.com/statistics/1225867/india-banks-on-upi/
NPCI. (2023). Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023. Statista. Statista Inc.. Accessed: June 13, 2024. https://www.statista.com/statistics/1225867/india-banks-on-upi/
NPCI. "Number of Banks on Unified Payments Interface (Upi) in India from August 2018 to June 2023." Statista, Statista Inc., 3 Aug 2023, https://www.statista.com/statistics/1225867/india-banks-on-upi/
NPCI, Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023 Statista, https://www.statista.com/statistics/1225867/india-banks-on-upi/ (last visited June 13, 2024)
Number of banks on Unified Payments Interface (UPI) in India from August 2018 to June 2023 [Graph], NPCI, August 3, 2023. [Online]. Available: https://www.statista.com/statistics/1225867/india-banks-on-upi/