The National Payments Corporation of India (NPCI) has said that over 11 billion transactions worth ₹17.16 lakh crore via Unified Payments Interface (UPI) took place in October 2023. "Up, up, and growing! Over 11 Billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with #UPI," the Ministry of Electronics and IT said in a social media post on X.
According to NPCI, the surge in transaction value during October was credited to the festive season.
“UPI is a huge success and will continue to be a bigger one. The number of transactions in January 2018 was 151 million; this reached 11 billion in October 2023. It will be no surprise if UPI transactions hit 20 billion a month in the next 18-24 months,” said Sunil Rongala, Senior Vice President, Head of strategy, Innovation & Analytics, at Worldline India
What has made this growth sustainable and will be the driver going forward is the growth in Person-to-Merchant (P2M) transactions, he added.
UPI, which is used for immediate money transfers through mobile devices around the clock, was launched by the National Payments Corporation of India (NPCI) in 2016. It has rapidly gained momentum, revolutionizing how Indians conduct transactions. Not only in India, but it is gaining popularity in other countries because it is a fast, secure, and the most convenient way to pay. It can be easily integrated with their existing payment systems and can be used to make payments in a variety of currencies at lower exchange rates. Currently, there are 300 million UPI users and 500 million merchants who use UPI to accept payments for their businesses.
Meanwhile, NPCI launched four new UPI features in September 2023- Hello! UPI, Credit line on UPI, LITE X product, and UPI Tap & Pay facility.
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FAQs
"Up, up, and growing! Over 11 Billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with #UPI," the Ministry of Electronics and IT said in a social media post on X.
What is the rise of UPI transactions? ›
Similarly, the value of UPI transactions has grown from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 at a CAGR of 168%. UPI has achieved 8,572 crore transactions during current financial year till 11th December, 2023.
What is the highest UPI transaction in a day? ›
The maximum UPI daily transfer limit can vary from bank to bank, ranging between Rs. 25,000 and Rs. 1 lakh. Additionally, For IPOs and retail direct schemes, the UPI limit per transaction or per day is also ₹5 Lakh.
What is the record for UPI transactions? ›
Transaction metrics and global comparison
The value of the transactions done on the platform stood at $2.19 trillion during 2023. Transactions on UPI totalled a whopping ₹20.64 lakh crore in July this year or about $247 billion, the highest ever achieved by the platform during a month.
What is the growth rate of UPI in India? ›
Payments through the Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of India.
Which country has largest UPI transaction? ›
With UPI, India maintains its position as the global leader in instant payments, accounting for 46% of all global instant payment transactions in 2022.
What is the growth of UPI in India 2024? ›
Total UPI transaction value in July 2024 reached ₹20.64 trillion. UPI transactions grew by 45% year-on-year. Average daily transaction value in July 2024 was ₹466 million (₹66,590 crore). Transaction value in July 2024 increased by 2.84% compared to June.
Who has highest UPI users? ›
UPI Top 50 Member Performance (August'24)
| UPI Remitter Members - Top 50 Members (Aug'24) |
|---|
| Sr. No. | UPI Remitter Members (Aug-2024) | Total Volume (In Mn) |
|---|
| 1 | State Bank Of India | 4,052.31 |
| 2 | HDFC Bank Ltd. | 1,270.59 |
| 3 | Bank of Baroda | 985.86 |
47 more rowsPhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020). As per the data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions via UPI out of the total transactions of 13.3 billion in the last month.
Which bank is best for UPI? ›
The top 5 banks for UPI remittances in 2023 include:
- State Bank of India (SBI)
- HDFC Bank.
- Bank of Baroda.
- Union Bank of India.
- Punjab National Bank.
Which UPI server is best? Among India's safest UPI payment apps, PhonePe, Google Pay, Paytm, BHIM UPI, and Amazon Pay are considered the best choices. These apps have robust security features and are widely trusted by users for their reliability in handling UPI transactions.
What is the ranking of UPI in the world? ›
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How successful is UPI in India? ›
UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction, accounting for nearly 46% share, as per the 2022 data.
How is UPI making India's digital economy boom? ›
Boost to the digital economy : UPI has significantly contributed to the growth of India's digital economy by making cashless transactions more accessible and encouraging the adoption of digital payment methods. This increased adoption has led to reduced dependency on cash and a more efficient financial system.
Why has UPI been successful in India? ›
UPI has been instrumental in promoting financial inclusion. Cost Efficiency: Unlike traditional banking methods that involve high transaction fees, UPI transactions are either free or have minimal charges. This affordability has been a significant factor in UPI's success.
What is the new innovation of UPI? ›
Seeing UPI's tremendous success, RBI recently unveiled several new features to accelerate adoption further. This includes the introduction of UPI Credit Line, UPI Lite for offline payments, and more. These innovations aim to make UPI even more accessible and convenient.
Why everyone is using UPI? ›
Introduced by NPCI, UPI is a platform that supports online money transfers between bank accounts via one single application. With UPI apps, you can pay electricity bills, recharge your mobile, and transact money to your friends online. It is a secured payment interface that is widely used in the country.
