scorecardresearchUPI transactions jump to ₹12.8-lakh crore in December

UPI transactions jump to 12.8-lakh crore in December

Updated: 02 Jan 2023, 11:29 AM IST
TL;DR.
Barring a small dip in November, the value of UPI transactions has been consistently increasing on month
Volume of transactions also rose sharp 7.1 per cent to 783 crore during the month

Volume of transactions also rose sharp 7.1 per cent to 783 crore during the month

Payments transactions via the Unified Payments Interface (UPI) rose 7.7 per cent month-on-month to a high of 12.8-lakh crore in December, reported Business Line.

The volume of transactions also increased by 7.1 per cent to 783 crore during the month, according to data by NPCI (National Payments Corporation of India).

90 percent jump

As a result, the UPI network ended 2022 with a growth of 90 per cent in the volume of transactions and a 76 per cent rise in the value of transactions over the year-ago period. The network processed around 7,404 crore transactions worth 126-lakh crore compared with 3,800 crore transactions worth 72-lakh crore in 2021.

For FY23 so far, the network has seen 5,949 crore transactions worth 99.8-lakh crore. In comparison, UPI had processed 4,597 crore transactions amounting to 84-lakh crore in FY22.

The value of UPI transactions has been consistently increasing on month, barring a dip in the month of November when heightened spending during the festival season started normalising.

However, volumes continued to rise, reflecting that network adoption and transactions continue to grow. NPCI aims to achieve a billion transactions per day on the UPI network over the next 3-5 years.

On the other hand, data by NPCI showed that transactions via the AePS (Aadhar-enabled payments service) platform fell to 25,972 crore in December from 26,058 crore in the previous month, and also lower than 31,113 crore registered in October.

First Published: 02 Jan 2023, 11:29 AM IST