According to data from the National Payments Corporation of India (NPCI), total transactions handled over the Unified Payments Interface (UPI) have surpassed 100 billion, marking a new milestone.
NPCI runs the payment processing infrastructure, which includes the UPI service.
There were 117.6 billion transactions handled by UPI in 2023. Additionally, data showed that last year the UPI rails handled a total value of slightly more than?182 lakh crore through the payments infrastructure. This demonstrates the phenomenal growth of the UPI payments service in the country, which had 38.7 billion transactions in 2021 and over 74 billion in 2022.
There was also a 49% increase in UPI monthly transactions from January to December of last year, according to NPCI data.
In December 2023, the number of UPI transactions in the country reached 12.02 billion, with a total of?18.23 lakh crore going through the system. The volume increased by 54% and the value of the transactions increased by 42% year over year.
Additionally, ET reported last month that the National Payments Corporation of India's (NPCI) recurring payment compulsion on the UPI payment mechanism, UPI Autopay, has been progressively gaining traction, particularly for bill and subscription payments in the nation.
One possible explanation for UPI Autopay's rising profile is the expanding range of applications that can make use of the service. In the country, this encompassed payments for insurance premiums, mutual funds, and credit card bills.
The UPI Autopay feature has grown in popularity and value due to recent improvements that increased the transaction limits from ₹15,000 to ₹1 lakh.
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