NPCI, the operator of the UPI service and different cost processing infrastructure, disclosed that in 2023, the overall transactions facilitated by UPI amounted to 117.6 billion, by which it processed funds totalling Rs 182 lakh crore
In a major achievement, India’s Unified Funds Interface (UPI) has surpassed the milestone of processing over 100 billion transactions, in response to information launched by the Nationwide Funds Company of India (NPCI), as reported by the Financial Instances.
NPCI, the operator of the UPI service and different cost processing infrastructure, disclosed that in December 2023, UPI funds in India reached 12.02 billion transactions, processing funds totalling Rs 18.23 lakh crore throughout the month. This signifies a outstanding 54 per cent year-on-year development in transaction quantity and a 42 per cent improve in transaction worth yearly.
The whole transactions facilitated by UPI within the yr 2023 amounted to 117.6 billion. Moreover, information reveals that the UPI rails noticed a complete worth of simply over Rs 182 lakh crore processed by way of the funds infrastructure within the earlier yr.
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This staggering development in UPI funds displays a outstanding improve from roughly 74 billion transactions in 2022 and 38.7 billion transactions in 2021.
Furthermore, month-to-month transactions on UPI skilled a major surge of over 49 per cent all year long, from January to December, as indicated by NPCI information.
A earlier report by ET highlighted the rising recognition of UPI Autopay, the recurring cost mandate managed by the Nationwide Funds Company of India on the UPI cost mode. This characteristic has gained traction, significantly for invoice and subscription funds within the nation.
The rising adoption of UPI Autopay might be attributed to the increasing vary of use circumstances, together with mutual fund funds, insurance coverage premiums, and bank card invoice funds. Moreover, latest changes to transaction limits, raised to Rs 1 lakh from the earlier Rs 15,000, have contributed to the expansion of the UPI Autopay characteristic by way of each quantity and worth.
(With inputs from businesses)