UPI transactions exceeded 100 billion in 2023
The National Payments Corporation of India (NPCI) reported a noteworthy milestone, indicating that the Unified Payments Interface (UPI) has surpassed 100 billion total transactions. NPCI, responsible for managing UPI and other payment processing systems, disclosed that UPI transactions for December 2023 hit 12.02 billion, processing payments totaling Rs 18.23 lakh crore during that month. This signifies an annual increase of 54% in transaction volume and a 42% growth in transaction value. The overall UPI transactions for 2023 reached 117.6 billion.
NPCI's data highlighted a substantial increase in the value of transactions, surpassing Rs 182 lakh crore through the UPI infrastructure last year, signaling significant growth in the UPI payment service in India. In comparison, UPI recorded around 74 billion transactions in 2022 and 38.7 billion transactions in 2021. Additionally, NPCI data indicated a significant monthly transaction surge of more than 49% throughout 2023.
Previous reports also underscored the rising prominence of UPI Autopay, NPCI's recurring payment mandate within the UPI mode, particularly for bill and subscription payments across India. The expansion of UPI Autopay's applications, encompassing mutual fund payments, insurance premiums, and credit card bill settlements, has contributed to its growing popularity. Moreover, recent improvements, such as increased transaction limits from Rs 15,000 to Rs 1 lakh, have played a role in fostering growth in both transaction volumes and values for the UPI Autopay feature.
