UPI Transactions Cross 100 Bn Mark In 2023
The Unified Payments Interface (UPI) has shattered records by processing over 100 billion transactions, as revealed by data from the National Payments Corporation of India (NPCI).
Operating alongside other payment processing infrastructure, UPI witnessed 54 per cent year-on-year (YoY) growth in transaction volume and 42 per cent surge in transaction value for December 2023. The month alone saw 12.02 billion transactions, totaling payments worth Rs 18.23 lakh crore.
Throughout 2023, the UPI platform facilitated an astounding 117.6 billion transactions, with the total transaction value surpassing Rs 182 lakh crore. This significant performance is a remarkable ascent, especially when compared to the 74 billion transactions recorded in 2022 and the 38.7 billion transactions in 2021.
Monthly UPI transactions experienced an impressive uptick, showcasing a remarkable 49 per cent surge from January to December 2023, according to NPCI data.
