UPI transactions in 2023 crossed the 100-billion mark for the first time
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New Delhi, Jan 6: In a significant development, transactions in India through its unified payments interface (UPI) crossed the 100-billion mark in 2023.
The calendar year of 2023 saw a massive rise of 60% in UPI transactions compared to 74 billion recorded in 2022. This is also a unique feat as it is the first time that UPI transactions have crossed the 100-billion mark since its inception in 2016.
August 2023 became the month when UPI saw a record 10 billion transactions in a month. The trend was then continued in the following months. In December, , which is a holiday season, UPI recorded 12 billion transactions, the highest ever for a month.
This milestone is also significant for UPI which can be acceptable in more foreign countries.
January- 8.03 billion
February- 7.53 billion
March- 8.65 billion
April- 8.86 billion
May- 9.41 billion
June- 9.33 billion
July- 9.96 billion
August- 10.58 billion
September- 10.55 billion
October- 11.40 billion
November- 11.23 billion
December- 12.02 billion
There are more than 300 million UPI payment users in the country. Newly-launched Rupay credit cards which can be linked to UPI accounts have been gaining popularity among banks and users. The technology stack structure of NPCI allows for infinite scalability and innovation in fintech.
India has shared its UPI technology with other countries as well including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka and others.
According to the National Payments Corporation of India (NPCI), the year closed at around 118 billion transactions through the indigenised instant payment system of UPI.
The calendar year of 2023 saw a massive rise of 60% in UPI transactions compared to 74 billion recorded in 2022. This is also a unique feat as it is the first time that UPI transactions have crossed the 100-billion mark since its inception in 2016.
UPI transactions set new records in 2023
Besides, UPI transactions were remarkably recorded at around 387 million each day, as per the NPCI data. Data suggests that UPI is expected to surpass MasterCard’s daily transaction volume of 440 million this year.
Marking milestones in India's digital saga!
— MyGovIndia (@mygovindia) January 3, 2024
UPI transactions soar past the 100-billion milestone in 2023.#UPI#NewIndia#DigitalIndia pic.twitter.com/sBmmnJXtJs
This milestone is also significant for UPI which can be acceptable in more foreign countries.
Here are the detailed monthly UPI transactions from January to December 2023:
February- 7.53 billion
March- 8.65 billion
April- 8.86 billion
May- 9.41 billion
June- 9.33 billion
July- 9.96 billion
August- 10.58 billion
September- 10.55 billion
October- 11.40 billion
November- 11.23 billion
December- 12.02 billion
What is UPI?
UPI was launched in 2016, an instant payment system developed by India’s NPCI. It is used on mobile devices to instantly transfer funds between two bank accounts with a mobile number registered with the bank. Since its launch, it revolutionised the country’s payment system.
There are more than 300 million UPI payment users in the country. Newly-launched Rupay credit cards which can be linked to UPI accounts have been gaining popularity among banks and users. The technology stack structure of NPCI allows for infinite scalability and innovation in fintech.
India has shared its UPI technology with other countries as well including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka and others.