UPI records over 9 billion transactions in May worth Rs 14.3 trillion
02 Jun 2023 10:54:18
New Delhi, June 2: In a huge development, the Unified Payments Interface (UPI) registered record amounting to over Rs 14.3 trillion in terms of value and 9.41 billion in volume in May.
According to the National Payments Corporation of India NPCI, UPI recorded a total 9.41 billion transactions in May 2023.
"Celebrating a milestone moment! We've crossed a phenomenal 9 billion transactions on UPI in the month of May’23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!" NPCI tweeted.
Celebrating a milestone moment! We've crossed a phenomenal #9billion transactions on UPI in the month of May’23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!#DigitalPayments #ThankYouIndia pic.twitter.com/wPaYoLSdA4
— NPCI (@NPCI_NPCI) June 1, 2023
It's 9 Billion+ transactions in May`23! Make seamless payments from your mobile in real-time with UPI. #upichalega #UPI #DigitalPayments @GoI_MeitY @_DigitalIndia @dilipasbe pic.twitter.com/H7qUs7nZ4M
— NPCI (@NPCI_NPCI) June 1, 2023
UPI had recorded 8 billion transactions in January this year, followed by 7.5 billion in February, 8.7 billion in March, and 8.89 billion in April. In Financial Year 2022-23, the payment system processed a total of 83 billion transactions, amounting to a value of 139 lakh crore rupees.
India's homegrown payments system Unified Payments Interface UPI is one of the globally accepted payment systems and has emerged as a trusted payment mode ever since its launch in 2016.
According to several estimates, UPI is projected to account for 90 per cent of the digital payments over the next five years.