The Unified Payments Interface (UPI) hit record 9 billion transactions in May, according to data released by the National Payments Corporation of India (NPCI). The umbrella body for operating retail payments and settlement systems in the country tweeted, “Celebrating a milestone moment! We’ve crossed a phenomenal 9 billion transactions on UPI in the month of May’23, & it’s all thanks to you, India! Together, we are shaping the future of payments. Let’s continue this journey of growth and innovation!”
Here are the top points on the UPI transactions:
1. The overall value of the transactions in May stood at ₹14.89 lakh crore with an increase of 43 per cent on a year-over-year basis. Meanwhile, the transaction count witnessed 58 per cent growth from a year earlier.
2. In April, 8.89 billion transactions were recorded whereas in March the count stood at 8.68 billion.
3. This trend in UPI transactions is further likely to continue as the count is expected to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report.
4. The UPI, which is responsible for driving the digital payments revolution in India, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the report titled “The Indian Payments Handbook – 2022-27”.
5. The credit card segment also continues to grow at a healthy rate, as card (both debit and credit) payment is one of the most used instruments for retail digital payments after UPI.
(With agency inputs)
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