In December 2024, the Yes Bank Ltd. was the leading beneficiary bank for UPI transactions in India with around 6.6 billion transactions. Axis Bank Ltd. followed with more than 1.7 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 December 2024, by volume
(in millions)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Worldline . (April 1, 2025). Leading beneficiary banks for Unified Payments Interface in India in December 2024, by volume (in millions) [Graph]. In Statista. Retrieved June 05, 2025, 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 December 2024, by volume (in millions)." Chart. April 1, 2025. Statista. Accessed June 05, 2025. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline . (2025). Leading beneficiary banks for Unified Payments Interface in India in December 2024, by volume (in millions). Statista. Statista Inc.. Accessed: June 05, 2025. https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline . "Leading Beneficiary Banks for Unified Payments Interface in India in December 2024, by Volume (in Millions)." Statista, Statista Inc., 1 Apr 2025, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
Worldline , Leading beneficiary banks for Unified Payments Interface in India in December 2024, by volume (in millions) Statista, https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/ (last visited June 05, 2025)
Leading beneficiary banks for Unified Payments Interface in India in December 2024, by volume (in millions) [Graph], Worldline , April 1, 2025. [Online]. Available: https://www.statista.com/statistics/1406469/india-leading-upi-beneficiary-banks-by-volume/
