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UPI Ecosystem Statistics

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UPI Top 50 Member Performance (June'24)
UPI Remitter Members - Top 50 Members (Jun'24)
Sr. No. UPI Remitter Members (Jun-2024) Total Volume (In Mn) Approved % BD % TD% Total Debit Reversal Count (In Mn) Debit Reversal Success %
1 State Bank of India 3738.00 94.82% 4.95% 0.22% 10.49 97.79%
2 HDFC Bank Ltd 1191.85 95.43% 4.34% 0.23% 6.03 36.91%
3 Bank of Baroda 912.47 93.28% 6.39% 0.33% 4.43 99.54%
4 Union Bank of India 869.16 93.98% 5.74% 0.28% 3.33 70.38%
5 Punjab National Bank 783.70 93.53% 6.07% 0.40% 3.12 76.21%
6 Kotak Mahindra Bank Ltd 727.46 92.20% 6.93% 0.86% 2.68 95.04%
7 Canara Bank 657.78 92.85% 6.43% 0.72% 2.57 97.38%
8 Axis Bank Ltd. 651.80 95.59% 4.40% 0.02% 1.92 79.47%
9 ICICI Bank Ltd 620.66 96.19% 3.76% 0.05% 1.67 80.79%
10 Bank Of India 444.39 94.18% 5.51% 0.32% 1.60 60.95%
11 Indian Bank 423.92 94.06% 5.76% 0.19% 1.56 99.57%
12 Airtel Payments Bank Ltd 414.12 88.87% 10.12% 1.01% 1.51 95.88%
13 India Post Payments Bank Ltd 319.04 85.95% 12.05% 2.00% 1.44 71.65%
14 Federal Bank 205.99 94.34% 5.61% 0.06% 1.25 93.66%
15 Central Bank of India 202.35 86.99% 11.27% 1.74% 1.00 13.58%
16 Indian Overseas Bank 197.11 92.98% 5.54% 1.48% 0.86 98.72%
17 UCO Bank 184.42 93.38% 6.35% 0.27% 0.84 65.10%
18 IDBI Bank 155.97 94.24% 5.25% 0.51% 0.78 78.29%
19 Indusind Bank Ltd. 155.09 91.86% 7.68% 0.46% 0.73 77.15%
20 Bank of Maharashtra 150.89 93.21% 5.77% 1.01% 0.71 64.69%
21 Fino Payments Bank Ltd. 140.81 92.49% 7.16% 0.36% 0.67 67.82%
22 Yes bank Ltd. 118.94 94.04% 5.79% 0.17% 0.56 98.82%
23 Karnataka Bank Ltd 108.50 93.12% 6.42% 0.46% 0.50 35.88%
24 IDFC Bank Ltd. 85.74 93.06% 6.88% 0.06% 0.44 68.83%
25 Karur Vysya Bank 67.93 93.39% 6.14% 0.47% 0.40 77.80%
26 The Jammu And Kashmir Bank Ltd 65.45 93.49% 4.86% 1.66% 0.38 54.07%
27 Bandhan Bank Ltd. 59.26 92.99% 6.11% 0.90% 0.31 4.32%
28 South Indian Bank 54.24 94.99% 4.95% 0.06% 0.31 77.20%
29 Tri O Tech Solutions Private Limited 50.77 100.00% 0.00% 0.00% 0.31 17.47%
30 AU Small Finance Bank 46.74 93.96% 6.01% 0.02% 0.26 90.09%
31 Ujjivan Small Finance Bank Limited 44.18 94.17% 5.60% 0.23% 0.25 20.25%
32 City Union Bank Limited 40.87 93.05% 6.69% 0.26% 0.24 82.70%
33 Punjab & Sind Bank 38.32 92.27% 7.46% 0.27% 0.22 89.99%
34 Tamilnad Mercantile Bank Ltd. 38.20 91.39% 7.44% 1.17% 0.21 97.95%
35 Equitas Small Finance Bank Ltd 32.46 92.00% 7.29% 0.71% 0.21 76.89%
36 HDFC Bank Credit Card HCB 31.15 95.19% 4.66% 0.15% 0.21 23.54%
37 Andhra Pradesh Grameena Vikas Bank 29.53 85.51% 12.21% 2.28% 0.20 99.07%
38 Kerala Gramin Bank 29.43 93.72% 5.54% 0.74% 0.17 90.78%
39 Pragathi Krishna Gramin Bank 26.98 91.24% 6.93% 1.83% 0.17 72.82%
40 DBS Bank India Limited 26.61 94.23% 5.72% 0.05% 0.17 58.21%
41 Rajasthan Marudhara Gramin Bank 25.44 86.22% 11.56% 2.22% 0.17 58.42%
42 Maharashtra Gramin Bank 25.16 86.97% 11.42% 1.61% 0.17 44.72%
43 Standard Chartered Bank 24.97 96.93% 2.90% 0.17% 0.16 90.27%
44 Baroda Uttar Pradesh Gramin Bank 24.09 74.58% 10.00% 15.42% 0.15 88.69%
45 Saraswat Co-operative Bank Ltd. 23.45 94.86% 4.71% 0.43% 0.15 96.25%
46 ESAF Small Finance Bank Ltd. 22.93 95.04% 4.76% 0.20% 0.14 67.14%
47 Fincare Small Finance Bank Limited 20.56 85.12% 14.38% 0.51% 0.13 9.53%
48 Sarva Haryana Gramin Bank 19.34 89.85% 7.83% 2.32% 0.13 96.24%
49 Andhra Pragathi Grameena Bank 18.35 80.76% 12.96% 6.28% 0.13 99.61%
50 Jio Payments Bank limited 16.80 84.80% 11.61% 3.59% 0.11 47.65%
UPI Top 50 Member Performance (June'24)
UPI Beneficiary Members - Top 50 Members (Jun'24)
Sr.No. UPI Beneficiary Members (Jun-2024) Total Volume (In Mn) Approved % BD% TD% Deemed Approved %
1 Yes Bank Ltd. 5523.03 99.98% 0.02% 0.00% 0.00%
2 State Bank Of India 1549.25 99.76% 0.10% 0.14% 0.05%
3 Axis Bank Ltd. 1025.59 99.88% 0.12% 0.00% 0.02%
4 HDFC Bank Ltd. 653.68 98.79% 1.06% 0.15% 0.05%
5 ICICI Bank Ltd. 624.60 99.50% 0.48% 0.02% 0.02%
6 Bank of Baroda 400.13 99.78% 0.08% 0.14% 0.17%
7 Federal Bank 383.40 99.75% 0.23% 0.03% 0.00%
8 Union Bank of India 351.85 99.72% 0.11% 0.17% 0.10%
9 Punjab National Bank 324.58 99.40% 0.27% 0.34% 0.11%
10 Canara Bank 301.47 98.70% 0.94% 0.36% 0.15%
11 Kotak Mahindra Bank Ltd 275.04 99.39% 0.30% 0.31% 0.29%
12 Airtel Payments Bank Ltd 251.18 98.94% 0.34% 0.72% 0.15%
13 Indian Bank 224.43 99.08% 0.73% 0.19% 0.24%
14 Bank of India 202.39 99.03% 0.74% 0.23% 0.19%
15 India Post Payments Bank Ltd 137.69 98.92% 0.28% 0.80% 0.17%
16 IndusInd Bank Ltd. 124.07 99.11% 0.53% 0.37% 0.26%
17 Central Bank Of India 93.75 97.52% 1.46% 1.02% 0.37%
18 Indian Overseas Bank 93.03 98.65% 0.52% 0.82% 0.38%
19 UCO Bank 87.05 99.14% 0.66% 0.20% 0.10%
20 Fino Payments Bank Ltd. 73.74 96.29% 3.29% 0.43% 0.07%
21 IDBI Bank Ltd. 66.26 99.24% 0.36% 0.40% 0.17%
22 Bank of Maharashtra 60.84 98.97% 0.32% 0.71% 0.16%
23 Karnataka Bank Ltd 47.71 98.50% 1.13% 0.37% 0.11%
24 Karur Vysya Bank 36.29 98.24% 1.11% 0.65% 0.07%
25 RBL Bank Ltd. 36.15 98.79% 0.90% 0.31% 0.17%
26 IDFC First Bank Ltd 35.42 98.75% 1.21% 0.04% 0.02%
27 Bandhan Bank Ltd. 35.19 98.64% 0.37% 0.99% 0.01%
28 One Mobikwik Systems Pvt - Ltd 35.03 99.93% 0.02% 0.04% 0.00%
29 South Indian Bank 34.18 98.89% 1.08% 0.03% 0.01%
30 Jammu and Kashmir Bank 33.89 99.05% 0.37% 0.58% 0.28%
31 AU small Finance Bank 26.37 99.00% 0.99% 0.01% 0.01%
32 Tamilnad Mercantile Bank 25.76 98.76% 0.09% 1.15% 0.18%
33 Tri O Tech Solutions Private Ltd. 25.21 96.49% 3.43% 0.09% 0.04%
34 Ujjivan Small Finance Bank 22.07 99.11% 0.74% 0.15% 0.14%
35 City Union Bank 21.49 97.81% 2.04% 0.15% 0.00%
36 Punjab and Sind Bank 16.82 98.79% 0.99% 0.22% 0.03%
37 Kerala Gramin Bank 15.64 98.75% 0.89% 0.36% 0.24%
38 Cosmos Bank 15.14 95.46% 0.07% 4.47% 0.60%
39 Equitas Small Finance Bank Ltd 13.81 97.75% 1.34% 0.91% 0.17%
40 Andhra Pradesh Grameena Vikas Bank 13.60 97.85% 0.52% 1.63% 0.85%
41 Jio Payments Bank 13.28 98.52% 0.39% 1.09% 1.06%
42 Pragathi Krishna Gramin Bank 12.98 98.17% 0.99% 0.83% 0.58%
43 CITI bank 11.72 99.93% 0.00% 0.07% 0.09%
44 Baroda Uttar Pradesh Gramin Bank 11.70 87.69% 0.64% 11.68% 3.82%
45 Maharashtra Gramin Bank 11.60 98.84% 0.18% 0.98% 0.11%
46 Rajasthan Marudhara Gramin Bank 11.14 98.79% 0.46% 0.76% 0.23%
47 ESAF Small Finance Bank Ltd. 10.88 98.50% 1.42% 0.08% 0.03%
48 DBS Bank India Ltd. 10.36 98.41% 1.44% 0.15% 0.02%
49 Fincare Small Finance Bank Ltd 9.22 95.48% 4.17% 0.35% 0.08%
50 Andhra Pragathi Grameena Bank 9.05 95.03% 1.16% 3.81% 0.12%

Glossary

  • Business Decline (BD) - Transaction decline due to a customer entering an invalid pin, incorrect beneficiary account etc. Or due to other business reasons such as exceeding per transaction limit, exceeding permitted count of transactions per day, exceeding amount limit for the day etc. Such declined transactions are termed as Business Decline. Any decline which is not because of a technical reason of the bank or NPCI is termed as business Decline.
  • Technical Decline (TD) - Transaction decline due to technical reasons, such as unavailability of systems and network issues on bank or NPCI side.
  • The Debit Reversal Success percentage indicates the % of total cases, where a customer account may be debited and their bank is unable to confirm instantly about the status of reversal of such a debit. When reversal/credit is not processed instantly, it is processed manually by the bank as per the extant RBI guidelines.
  • Deemed Approved (Pending Credit Confirmation for UPI remittance transactions) - Deemed Approved percentage indicates the total percentage of cases of the total transactions, where credit confirmations are not received online from the beneficiary banks for the credit. If the beneficiary account is not credited online, transaction would be manually processed by the beneficiary bank as per the extant RBI guidelines.
  • Remitter - The account holder who is sending the money
  • Beneficiary - The account holder who is receiving money
  • Remitter Bank - The bank of the account holder who is sending the money
  • Beneficiary Bank - The bank of the account holder who is receiving money
UPI P2P and P2M Transactions
UPI P2P and P2M Transactions
Month Total P2P P2M
Volume (Mn) Value (Cr) Volume (Mn) Value (Cr) Volume (Mn) Value (Cr)
Jun’24 13,885.14 20,07,081.16 5,164.39 14,47,142.17 8,720.75 5,59,938.98

Glossary

  • P2P - P2P transactions are payments done by person to a person i.e. Peer to Peer Payments.
  • P2M - P2M transactions are payments done by person to a merchant i.e. Peer to Merchant Payments
UPI Payer PSP Performance
UPI Payer PSP Performance (June'24)
Sr. No. Payer PSP Total Volume (In Mn) Approved % BD % TD %
1 Yes bank Ltd. 5,232.90 92.73% 7.12% 0.15%
2 AXIS Bank Ltd. 4,127.09 94.17% 5.67% 0.16%
3 ICICI Bank Ltd. 2,749.95 93.75% 6.09% 0.16%
4 State Bank of India 1,507.90 95.76% 4.09% 0.16%
5 HDFC Bank Ltd. 1,339.20 95.19% 4.69% 0.12%
6 Tri O Tech Solutions Private Limited 52.96 100.00% 0.00% 0.00%
7 Kotak Mahindra Bank Ltd 44.11 100.00% 0.00% 0.00%
8 BHIM 29.72 93.42% 6.37% 0.21%
9 Airtel Payments Bank Ltd 17.18 96.18% 3.74% 0.08%
10 RBL Bank Ltd. 8.45 95.44% 4.40% 0.16%
11 IDFC First Bank 8.05 99.41% 0.59% 0.01%
12 India Post Payments Bank Ltd 6.18 99.98% 0.02% 0.00%
13 Federal Bank Ltd. 6.03 97.94% 2.04% 0.02%
14 One Mobikwik Systems Pvt - Ltd 3.88 100.00% 0.00% 0.00%
15 Garagepreneurs Internet Private Limited 3.75 100.00% 0.00% 0.00%
UPI Payee PSP Performance (June'24)
Sr. No. Payee PSP Total Volume (In Mn) Approved % BD % TD %
1 Yes bank Ltd. 8,101.05 93.44% 6.41% 0.15%
2 AXIS Bank Ltd. 2,469.98 94.54% 5.29% 0.17%
3 ICICI Bank Ltd. 1,537.81 93.83% 6.02% 0.15%
4 State bank Of India 876.66 94.54% 5.31% 0.15%
5 HDFC Bank Ltd. 797.48 94.65% 5.23% 0.13%
6 Federal Bank Ltd. 324.85 96.91% 2.95% 0.14%
7 Indusind Bank Ltd. 74.33 94.25% 5.62% 0.13%
8 Airtel Payments Bank Ltd 68.27 94.82% 5.05% 0.13%
9 RBL Bank Ltd. 53.92 93.72% 6.01% 0.27%
10 Canara Bank 47.06 96.48% 3.39% 0.13%
11 Kotak Mahindra Bank Ltd 43.77 95.35% 4.48% 0.17%
12 One Mobikwik Systems Pvt - Ltd 37.10 96.49% 3.39% 0.12%
13 Indian Bank 30.81 93.07% 6.76% 0.17%
14 Fino Payments Bank Ltd. 29.70 90.38% 9.46% 0.17%
15 Tri O Tech Solutions Private Limited 27.17 93.62% 6.21% 0.17%

Glossary

  • Business Decline (BD) - Transaction decline due to a customer entering an invalid pin, incorrect beneficiary account etc. Or due to other business reasons such as exceeding per transaction limit, exceeding permitted count of transactions per day, exceeding amount limit for the day etc. Such declined transactions are termed as Business Decline. Any decline which is not because of a technical reason of the bank or NPCI is termed as business Decline.
  • Technical Decline (TD) - Transaction decline due to technical reasons, such as unavailability of systems and network issues on bank or NPCI side.
  • PSP - Payment Service Provider
  • Payer PSP - Under this function a bank can onboard a customer, create his/ her UPI ID, create device binding which is used as a first factor of Authentication, using this customer can enter their UPI PIN to approve a financial transaction or non-financial request where ever necessary.
  • Payee PSP - Under this function a bank can onboard a customer/merchant & allow them to receive money basis allocated UPI ID or raise a Collect request. It is also known as beneficiary PSP/resolving PSP.
UPI Merchant Category Classification - Jun 24
UPI Merchant Category-wise Classification - Jun'24
Type MCC Description
High Transacting Categories 5411 Groceries and supermarkets
5814 Fast food restaurants
5812 Eating places and restaurants
4814 Telecommunication services, including local and long distance calls, credit card cal
5541 Service stations (with or without ancillary services)
5816 Digital Goods: Games
5912 Drug stores and pharmacies
5462 Bakeries
5311 Department stores
4900 Utilities electric, gas, water and sanitary
Medium Transacting Categories 5451 Dairies
7322 Debt collection agencies
5813 Drinking places (alcoholic beverages) bars, taverns, night-clubs, cocktail lounges
5441 Candy, nut and confectionery shops
5422 Freezer and locker meat provisioners
5921 Package shops beer, wine and liquor
7622 Electronics repair shops
5993 Cigar shops and stands
6211 Securities brokers and dealers
5262 Online Marketplaces
All Other Categories 5137 Mens, womens and childrens uniforms and commercial clothing
5732 Electronics shops
7230 Beauty and barber shops
4112 Passenger railways
9399 Government services not elsewhere classified
5331 Variety stores
4121 Passenger railways
6012 Financial institutions merchandise and services
5691 Mens and womens clothing shops
Others

Glossary

  • Category classification is made in terms of Approved UPI transaction Volume.
  • High Transacting Categories: Top 10 MCCs
  • Medium Transacting Categories: Next 10 MCCs
  • All Other Categories: Next 9 MCCs along with all other MCCs clubbed under 'Others'
  • MCC Description is with reference to ISO 18245:2003 standard