The Unified Payments Interface (UPI) has been reshaping the contours of financial transactions in India. Born out of the visionary efforts of the National Payments Corporation of India (NPCI), it has become the most preferred choice of making digital payments. Releasing the UPI monthly volume, NPCI has informed that UPI has crossed 11 billion transactions in November 2023. This is the second month when UPI transactions count has surpassed the 11 billion mark.
Sharing the details on X, formerly known as Twitter, NPCI informed that UPI has recorded 11.24 billion transaction count in November, registering a 54% YoY growth. The transaction amount has witnessed a jump of 46% YoY to ₹17.40 lakh crore.
Notably, in the month of October 2023, the transaction count stood at 11.41 billion while the transaction amount was at ₹17.16 lakh crore. In September, the transaction count was at 10.56 billion with the transaction amount of ₹15.80 lakh crore.
Introduced in 2016, UPI has been a game-changer from the start, designed to simplify peer-to-peer transactions. The factors that have been supporting and fueling its growth include rapidly increasing smartphone user base, government initiatives such as the Digital India campaign, involvement of Fintech and its innovations, etc.