UPI Exudes Digital Payments Dominance As Transactions Surge 82.2% in FY23, Reveals NPCI

The National Payments Corporation of India (NPCI) has revealed that transactions made through the UPI (Unified Payments Interface) network experienced a remarkable 82.2% surge in FY23, reaching a total of 8,376 crore transactions.

What Happened? Per NPCI’s figures, UPI transactions in the 2023 financial year were valued at ₹139 lakh crore, which represents a 65.3% increase from FY22. By comparison, FY22 had 4,597 crore UPI transactions valued at ₹84 lakh crore, and during the 2022 calendar year, the platform processed approximately 7,404 crore transactions worth ₹126 lakh crore.

In March, UPI transactions reached a new all-time high, with transaction volumes increasing by 60% YoY to 870 crore and transaction value rising 46% to ₹14.05 lakh crore. Back in March 2022, the platform processed 540 crore transactions worth ₹9.6 lakh crore.

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In January 2023, the platform set a new high of 803 crore transactions worth ₹12.98 lakh crore, marking the first month where transactions exceeded 800 crore and surpassed the previous record.

However, in February, UPI transactions had a slight dip due to the shorter month. Nonetheless, compared to February, the number of transactions was up 15.5%, while the value of transactions increased by 13.7%.

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