Magazine : 
NPCI Reports UPI Transactions Surpass 100 Billion in 2023
The National Payments Corporation of India (NPCI) has revealed a remarkable achievement for the Unified Payments Interface (UPI), surpassing 100 billion transactions. In December 2023, UPI experienced significant year-on-year (YoY) growth, with a 54 percent increase in transaction volume and a 42 percent surge in transaction value. This translated to a total of 12.02 billion transactions and payments amounting to Rs 18.23 lakh crore.
In an impressive display, UPI facilitated a remarkable 117.6 billion transactions and surpassed a total transaction value of Rs 182 lakh crore throughout 2023. This achievement is particularly noteworthy when compared to the 74 billion transactions in 2022 and the 38.7 billion transactions in 2021. November 2023 witnessed the highest monthly transaction value, reaching 11.24 billion transactions and totaling Rs 17.4 trillion. In contrast, UPI transactions in December exhibited a notable 54 percent increase in volume and a 42 percent surge in value when compared to the same month in 2022.
In October 2023, the National Payments Corporation of India (NPCI) reported a peak in volume with 11.41 billion transactions. By August, reaching the midpoint of 2023, UPI transactions achieved a volume of 10 billion. Furthermore, in July, the value of UPI transactions surpassed Rs 15 trillion. An earlier report emphasized the growing popularity of UPI Autopay, the recurring payment mandate overseen by the National Payments Corporation of India within the UPI payment mode. This functionality has garnered increased attention, especially for bill and subscription payments across the country.
In December, Immediate Payment Service (IMPS) transactions increased by 6 percent, reaching 499 million compared to 472 million in November. In terms of value, December recorded a 7 percent rise to Rs 5.7 trillion, surpassing the Rs 5.35 trillion transactions in November. Compared to December 2022, IMPS experienced a 3 percent growth in volume and a 17 percent surge in value, with the numbers at Rs 4.87 trillion and 585 million, respectively.
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