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India's popular Unified Payments Interface (UPI) is inching closer to surpassing global payments giant Visa's daily transaction volume, which will make it the largest retail interbank payment settlement platform in the world. UPI, the world's largest retail real-time payments system, recorded 644 million transactions on June 1 and 650 million the next day. Visa processed an average of 639 million daily transactions during FY24. It does not share daily transaction data. The average daily volume of UPI was 602 million in May, whereas Visa's average daily transactions in the March quarter – the latest available data – were 674 million. UPI recorded 630 million daily transactions in the first few days of May but grew to 640-650 million in June. Next milestone for UPI is surpassing Visa in total payment volumes Annual payment volumes Visa $15.2T Mastercard $10.4T UPI $3.6T Amex $2.2T