The Unified Payments Interface (UPI) transactions have grown at 75 per cent Compound Annual Growth Rate (CAGR), as UPI spends surged at 68 per cent CAGR in the August 2019-August 2024 period, said a report released by Axis Securities.
It showed on Friday that the card industry’s growth remained tepid. However, the immense popularity of UPI was seen from the transaction volume ratio which stood at 38.4 times of credit card transaction volumes. The report said that the UPI remains a preferred medium for lower-value payments as 96 per cent of the transaction volume is less than Rs 2,000, although the contribution to total UPI spends was 33 per cent (as of August).