Total UPI transactions cross 100 billion mark in 2023
UPI) crossed the 100-billion-mark, data from National Payments Corporation of India (NPCI) showed.
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.
Monthly transactions on UPI have seen an over 49% jump between January and December in 2023, data from NPCI showed.
For December 2023, UPI payments touched 12.02 billion transactions with payments worth Rs 18.23 lakh crore being processed by the service. This represented a 54% year-on-year growth in terms of volume and 42% growth in transaction value annually.
ET had reported in December that UPI Autopay, the recurring payment mandate run by the National Payments Corporation of India (NPCI) on the UPI payment mode, has also been steadily gaining steam, especially for bill and subscription payments in the country.
The gaining of popularity of UPI Autopay could also be attributed to the increase in the number of use-cases for which the service could be used. This included mutual fund payments, insurance premium and credit card bills payments in the country.
Recent enhancements of transaction limits to Rs 1 lakh from Rs 15,000 previously has also led to the growth of the UPI Autopay feature, both in terms of volumes and value.
