Payments transactions via the UPI (Unified Payments Interface) network surged 82.2 per cent in FY23 to a total of 8,376 crore transactions aggregating ₹139 lakh crore, 65.3 per cent higher compared with FY22, according to data by the National Payments Corporation of India (NPCI).
In comparison, FY22 had seen a total of 4,597 crore UPI transactions aggregating ₹84 lakh crore. During the calendar year 2022, the platform had processed around 7,404 crore transactions worth ₹126 lakh crore.
UPI transactions also ended FY23 at a record high with the number of transactions in March rising 60 per cent YoY to 870 crore and the transaction value rising 46 per cent to ₹14.05 lakh crore. In March 2022, the platform had processed 5,406 transactions worth ₹9.6 lakh crore.
Also read: Will UPI transactions get costly after NPCI’s move?
The previous high was seen in January 2023, when the platform had seen a record 803 crore transactions worth ₹12.98 lakh crore. That was the first month that the number of transactions has crossed the 800-crore mark. However, UPI transactions had seen a slight dip in February due to the fewer number of days in the month.
Compared with February, the number of transaction was higher by 15.5 per cent, whereas the value of transactions was 13.7 per cent higher on-month.
Recently, NPCI had said that 99.9 per cent of UPI transactions are direct bank account-to-account transfers. The Reserve Bank of India (RBI) and NPCI have now enabled linking RuPay credit cards to UPI for merchant payments through prepaid payment instruments (PPIs), either cards or wallets. This is expected to provide customers with more alternatives to make UPI payments, thus further giving a boost to the transactions made on the platform.
RBI Governor Shaktikanta Das recently said that the UPI platform has the ability to process 100 crore transactions per day. Currently, the platform processes around 25-20 crore UPI transactions a day, aggregating to about ₹45,000-50,000 crore.
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