Total UPI Transactions Exceed 100 billion Mark in 2023 By CIOTechOutlook Team

Total UPI Transactions Exceed 100 billion Mark in 2023

CIOTechOutlook Team | Wednesday, 03 January 2024, 02:39 IST

Total transactions completed over the Unified Payments Interface (UPI) have surpassed the 100 billion mark, according to data from the National Payments Corporation of India (NPCI).

NPCI operates the UPI service along with other payment processing infrastructure. Total transactions processed by UPI in 2023 stood at 117.6 billion. The UPI rails also witnessed a little over Rs 182 lakh crore in total value being processed through the payments infrastructure last year, data showed. This is staggering growth for UPI payments service in the country which recorded around 74 billion transactions in 2022 and 38.7 billion transactions in 2021, as per economic times.

According to NPCI data, monthly UPI transactions increased by more than 49% between January and December 2023.

UPI payments reached 12.02 billion transactions in December 2023, with the service processing payments worth Rs 18.23 lakh crore. This marked a 54% increase in volume and a 42% increase in transaction value year over year.

UPI Autopay, a recurring payment mechanism managed by the National Payments Corporation of India (NPCI) on the UPI payment mode, has also been progressively gaining traction in the country, particularly for bill and subscription payments. The increasing popularity of UPI Autopay may also be related to an increase in the variety of use-cases for which the service can be used. This covered payments for mutual funds, insurance premiums, and credit card bills in the country.

Recent increases in transaction limits to Rs 1 lakh from Rs 15,000 earlier have resulted in increased usage of the UPI Autopay feature, both in terms of volume and value.