The Unified Payments Interface (UPI) is one of the most widely accepted and used modes of payments. Indicating how UPI is playing a major role in transforming the digital payments sector in India, the National Payments Corporation of India (NPCI) has shared that UPI has crossed 11 billion transactions in the month of October, 2023. This is the third straight time when UPI has surpassed the 10 billion transaction count.
NPCI took to X, formerly known as Twitter, and said, “Make seamless payments from your mobile in real-time with UPI.” As per the details shared, UPI has recorded 11.41 billion transaction count in October, registering a 56% YoY growth. The transaction amount has witnessed a jump of 42% YoY to ₹17.16 lakh crore in the month of October.
Notably, in the month of September 2023, the transaction count stood at 10.56 billion while the transaction amount was at ₹15.80 lakh crore. In August, the transaction count was at 10.58 billion with the transaction amount of ₹15.76 lakh crore.
The growth of UPI transactions has been phenomenal, since its introduction in 2016. The factors that have been supporting and fueling the growth of UPI transactions include rapidly increasing smartphone user base, government initiatives such as the Digital India campaign, involvement of Fintech and its innovations, etc.
Also, according to a report by Live Mint, the Reserve Bank of India (RBI) bulletin has stated that UPI is expected to account for 90 percent of digital transactions volume in the next 5 years.
NPCI also released the NETC FASTag monthly volumes showing 320 million transaction count, registering a growth of 13% on yearly basis. The transaction amount for October stood at ₹ 5,539 crore at an increase of 24%.