‘Up, up, and growing!’ UPI transactions at an all-time high in October. What has made this growth sustainable?
₹17.16 lakh crore via Unified Payments Interface (UPI) took place in October 2023. "Up, up, and growing! Over 11 Billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with #UPI," the Ministry of Electronics and IT said in a social media post on X. According to NPCI, the surge in transaction value during October was credited to the festive season.
“UPI is a huge success and will continue to be a bigger one. The number of transactions in January 2018 was 151 million; this reached 11 billion in October 2023. It will be no surprise if UPI transactions hit 20 billion a month in the next 18-24 months," said Sunil Rongala, Senior Vice President, Head of strategy, Innovation & Analytics, at Worldline India What has made this growth sustainable and will be the driver going forward is the growth in Person-to-Merchant (P2M) transactions, he added.
UPI, which is used for immediate money transfers through mobile devices around the clock, was launched by the National Payments Corporation of India (NPCI) in 2016. It has rapidly gained momentum, revolutionizing how Indians conduct transactions. Not only in India, but it is gaining popularity in other countries because it is a fast, secure, and the most convenient way to pay.
It can be easily integrated with their existing payment systems and can be used to make payments in a variety of currencies at lower exchange rates. Currently, there are 300 million UPI users and 500 million merchants who use UPI to accept payments for their businesses. Meanwhile, NPCI launched four new UPI features in September 2023- Hello! UPI, Credit line on UPI, LITE X product, and UPI Tap & Pay facility.
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