UPI scales new high in December; 2023 value up 59% at US$ 2.19 Trillion (Rs. 183 trillion)

In December, Unified Payment Interface (UPI) transactions achieved a new zenith, recording a value of US$ 219.1 billion (Rs. 18.23 trillion) and a volume of 12.02 billion, marking a 5% and 7% increase, respectively, from November.

The UPI metrics for 2023 reached unprecedented levels, with cumulative volume reaching 117.6 billion and a total value of US$ 2.19 Trillion (Rs. 183 trillion). This represented a substantial surge of 59% and 45% compared to the figures reported in 2022. Noteworthy was the peak in transaction value in November 2023, with 11.24 billion transactions amounting to Rs 17.4 trillion.

Comparing December 2023 to the same period in 2022, UPI transactions demonstrated impressive growth, registering a 54% increase in volume and a 42% uptick in value.

In October 2023, transaction volume reached a zenith at 11.41 billion, per data from the National Payments Corporation of India (NPCI).

These figures underscore the robust performance of UPI transactions in the financial landscape, signalling its increasing prominence as the preferred choice for digital transactions in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.