UPI Transactions Surpass 100 Billion in 2023
- ByStartupStory | January 3, 2024
In a significant milestone, data from the National Payments Corporation of India (NPCI) revealed that the total transactions processed through the Unified Payments Interface (UPI) have crossed the 100 billion mark. NPCI, which operates the UPI service along with other payment processing infrastructure, disclosed that UPI payments in December 2023 reached 12.02 billion transactions, with payments worth Rs 18.23 lakh crore processed during the month. This signifies a 54% year-on-year growth in transaction volume and a 42% growth in transaction value annually. The total transactions processed by UPI in 2023 amounted to 117.6 billion.
Additionally, data showed that the UPI rails witnessed a total value of over Rs 182 lakh crore being processed through the payments infrastructure last year, indicating a remarkable surge in UPI payments service in the country. Comparatively, UPI recorded approximately 74 billion transactions in 2022 and 38.7 billion transactions in 2021.
Furthermore, monthly transactions on UPI experienced a substantial increase of over 49% throughout the year 2023, according to NPCI data. Earlier reports had also highlighted the steady rise of UPI Autopay, the recurring payment mandate operated by NPCI on the UPI payment mode, particularly for bill and subscription payments in India.
The growing popularity of UPI Autopay can be attributed to its expanding range of use cases, including mutual fund payments, insurance premiums, and credit card bill payments. Moreover, recent enhancements such as increased transaction limits to Rs 1 lakh from the previous Rs 15,000 have contributed to the growth of the UPI Autopay feature, both in terms of transaction volumes and values.
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