Payments transactions via Unified Payments Interface (UPI) network fell in February 2023 after touching a peak in January 2023 and rising for seven straight months, according to NPCI data, reported Business Line .
Value of UPI transactions fell 4.9 per cent on month in February to ₹12.35lakh crore, owing to a 6.6 per cent reduction in the number of transactions to 750 crore. In January, the platform had seen a record 803 crore transactions worth ₹12.98lakh crore.
UPI transactions usually trend lower in February compared to other months, said industry players.
As such, on year-on-year basis, the volume of UPI transactions was higher by 66.4 per cent, and the transaction amount was higher by 49.5 per cent. The network has processed around 7,502 crore transactions worth ₹125lakh crore in FY23 so far.