Total transactions processed through the Unified Payments Interface (UPI) have surpassed the 100 billion mark, according to data from the National Payments Corporation of India (NPCI).
The UPI service, as well as other payment processing infrastructure, is managed by NPCI. In 2023, the total number of transactions processed by UPI was 117.6 billion. According to data, the UPI rails processed slightly more than Rs 182 lakh crore in total value through the payments infrastructure last year.
This is a staggering increase for the country's UPI payments service, which recorded around 74 billion transactions in 2022 and 38.7 billion transactions in 2021. According to NPCI data, monthly UPI transactions increased by more than 49% between January and December 2023.
For December 2023, UPI payments touched 12.02 billion transactions with payments worth Rs 18.23 lakh crore being processed by the service. This represented a 54% year-on-year growth in terms of volume and 42% growth in transaction value annually.
ET reported in December that UPI Autopay, the recurring payment mandate run by the National Payments Corporation of India (NPCI) on the UPI payment mode, has been steadily gaining traction in the country, particularly for bill and subscription payments. The increasing popularity of UPI Autopay may also be attributed to an increase in the number of use-cases for which the service can be used. This included payments for mutual funds, insurance premiums, and credit card bills in the country.
Recent increases in transaction limits to Rs 1 lakh from Rs 15,000 previously have resulted in increased usage of the UPI Autopay feature, both in terms of volume and value.
