In June 2024, the Yes Bank Ltd. was the leading beneficiary bank for UPI transactions in India with around 5.5 billion transactions. State Bank of India followed with more than 1.5 billion transactions. Beneficiary bank refers to the bank of the account holder who is receiving money.
Unified Payments Interface (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 the switch to connect with banks and transfer money. It is more user-friendly than older transaction modes such as IMPS.
Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume
(in millions)
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Worldline . (October 10, 2024). Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume (in millions) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline . "Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume (in millions)." Chart. October 10, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline . (2024). Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume (in millions). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline . "Leading Beneficiary Banks for Unified Payments Interface in India in June 2024, by Volume (in Millions)." Statista, Statista Inc., 10 Oct 2024, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline , Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume (in millions) Statista, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/ (last visited November 22, 2024)
Leading beneficiary banks for Unified Payments Interface in India in June 2024, by volume (in millions) [Graph], Worldline , October 10, 2024. [Online]. Available: https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
