Indian Economy News

UPI volume and value rise to record highs in April 2023

In value terms, Unified Payments Interface (UPI) transactions increased 43% year-on-year (y-o-y) in April 2023 to a new high of US$ 172.4 billion (Rs. 14.1 trillion). It increased 59% year over year in volume as well, reaching a record high of 8.9 billion.

In March 2023, transactions had hit US$ 171.8 billion (Rs. 14.05 trillion) (value) and 8.7 billion (volume) while for February 2023, 7.5 billion transactions worth US$ 151.6 billion (Rs. 12.4 trillion) were processed on the platform.

According to data from the National Payments Corporation of India (NPCI), the final three days of April 2023 saw close to 1 billion transactions worth over US$ 16.7 billion (Rs. 1.37 trillion). According to experts, this was due to a rise in discretionary spend and planned expenditure as April ended on a weekend, when spends are usually higher.

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