In 2023, transaction values reached approximately Rs 182 lakh crore, marking a 44% growth from the previous year
The Unified Payments Interface (UPI) has achieved a groundbreaking milestone, processing over 100 billion transactions, as disclosed by the National Payments Corporation of India (NPCI). In December 2023 alone, UPI witnessed a 54% year-on-year (YoY) growth in transaction volume and a 42% surge in transaction value, totaling 12.02 billion transactions and payments amounting to Rs 18.23 lakh crore.
Remarkably, throughout 2023, UPI facilitated an impressive 117.6 billion transactions, surpassing Rs 182 lakh crore in total transaction value. This performance stands out, notably compared to the 74 billion transactions in 2022 and 38.7 billion transactions in 2021.
In November 2023, the highest monthly transaction value was recorded at 11.24 billion transactions, totaling Rs 17.4 trillion. Comparatively, UPI transactions in December experienced a 54% increase in volume and a 42% surge in value compared to the corresponding month in 2022.
In October 2023, the volume peaked at 11.41 billion transactions, as reported by the National Payments Corporation of India (NPCI). By August, halfway through 2023, UPI transactions reached the 10-billion mark in volume, and in July, they surpassed Rs 15 trillion in value.
An earlier report from ET emphasised the growing popularity of UPI Autopay, the recurring payment mandate overseen by the National Payments Corporation of India within the UPI payment mode. This functionality has garnered increased attention, especially for bill and subscription payments across the country.
In December, Immediate Payment Service (IMPS) transactions increased by 6%, reaching 499 million compared to 472 million in November. In terms of value, December recorded a 7% rise to Rs 5.7 trillion, surpassing the Rs 5.35 trillion transactions in November. Compared to December 2022, IMPS experienced a 3% growth in volume and a 17% surge in value, with the numbers at Rs 4.87 trillion and 585 million, respectively.
