The government-backed digital payment system Unified Payment Interface (UPI) reported a massive jump in monthly transaction count as it touched 8.7 billion in March, reporting a whopping 60 percent growth.
At the same time, UPI’s total transaction value touched ₹14.05 trillion, reporting a growth of 46 percent, shows the data shared by the National Payments Corporation of India (NPCI).
The data for the month of February in terms of transaction count touched 7.5 billion while the transaction value touched ₹12.35 trillion.
In January 2023, UPI processed more than 8 billion transaction for the first time in a month, and ₹12.98 trillion for the value of transactions.
During the year
In financial year 2022-23, the platform carried out around 84 billion transactions, amounting to ₹139.09 trillion. In comparison to the previous year, the transaction volume spiked 82 per cent and the value rose by 65 per cent during the same period.
| Month | Volume | Value (trillion) |
| Mar, 2023 | 8.7 billion | 14.05 |
| Feb, 2023 | 7.5 billion | 12.35 |
| Jan, 2023 | 8 billion | 12.98 |
| Dec, 2022 | 7.8 billion | 12.82 |
| Nov, 2022 | 7.3 billion | 11.90 |
| Oct, 2022 | 7.3 billion | 12.11 |
| Sep, 2022 | 6.7 billion | 11.16 |
| Aug, 2022 | 6.5 billion | 10.72 |
| July, 2022 | 6.2 billion | 10.62 |
| June, 2022 | 5.8 billion | 10.14 |
| May, 2022 | 5.9 billion | 10.41 |
| April, 2022 | 5.5 billion | 9.83 |
(Source NPCI)
As we can see in the table above, UPI processed transaction volume between 5.5 billion to 8.7 billion during the financial year. At the start of the year, number of UPI transactions that were carried out were in the range of 5.5 to 5.8 billion. It rose to 6.2 billion in July 2022, hit 7.3 billion in the month of October 2022 and cross 8 billion in January this year.
Also, in terms of value, UPI transactions touched 9.83 trillion in the month of April 2022. It rose to 10.41 trillion the following month. It hit 11 trillion in September, crossed 12 trillion in October and in the month of March, the total value of UPI transactions touched 14 trillion.
