Payment made via UPI reaches Rs 12.98 Lakh Crore in January: NPCI
According to data from the National Payments Corporation of India, payments made through the Unified Payments Interface (UPI) reached Rs 12.98 lakh crore in January, matching the value in December 2022. (NPCI).
In December of last year, transactions worth Rs 12.82 lakh crore were recorded. In January, 385 banks were active on UPI, up from 382 the previous month.
Last month, 803.68 crore UPI transactions were processed, up from 782.94 crore in December 2022, signalling a new high for the digital payment network.
However, month-on-month transaction value growth slowed to 1.3% in January compared to December 2022. Between November and December of last year, the value increased by more than 7.6%.
The number of UPI transactions increased 74% from 461 crore in January 2022 to 52% from Rs 8.31 lakh crore in January last year.
According to the Economic Survey 2022-23, approximately 52% of the total 8,840 crore digital financial transactions in India—with a total value of Rs 126 lakh crore—were made via Unified Payments Interface (UPI) in FY22.
The Union government also reduced the budget for compensating fintech startups and banks that facilitate free UPI transactions, disappointing industry stakeholders who had demanded a significant increase over last year’s allocation.
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