Fintech

UPI transactions exceed 11 billion for the second time

• ByStartupStory     |    December 2, 2023

The United Payments Interface (UPI) witnessed its second consecutive month surpassing 11 billion transactions, recording 1,124 crore UPI transactions in November. Despite a slight dip from October’s 1,141 crore transactions, this marked a significant 54% increase compared to November 2022’s 730.95 crore transactions.

In terms of transaction value, November 2023 saw transactions worth INR 17.40 lakh crore, a marginal rise from October’s INR 17.16 lakh crore. Year-on-year, this represented a substantial 46% surge from the INR 11.90 lakh crore recorded in the same period last year.

This achievement marked the second time that UPI transaction volumes exceeded INR 17 lakh crore. Notably, UPI transactions consistently stayed above INR 15 lakh crore in July, August, and September.

PhonePe, Google Pay, and Paytm continued their dominance in the UPI ecosystem in October 2023, collectively accounting for over 90% of all transactions on the network.

Quoting the NPCI, “The NPCI has set its sights on achieving 100 Bn monthly transactions.”

The NPCI unveiled various UPI innovations at the Global Fintech Fest 2023, aiming to reach this ambitious goal. These innovations include credit line access, NFC-based offline payment options UPI LITE X and Tap & Pay, and conversational payment solutions Hello! UPI and BillPay Connect.

The NPCI also emphasized the importance of security in digital payments, urging banks and payment applications to deactivate inactive UPI IDs and numbers by year-end. They highlighted the need for customers to regularly review and verify their banking information for a secure transactional experience.

 

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