MUMBAI: Transactions under the Unified Payment Interface (UPI) crossed a new record of Rs 14 lakh crore in March 2023. The volume of transactions has also hit a new high of 865 crores during the month.
The value of UPI transactions during March 2023 is 13% higher than the Rs 12.35 crore in February 2023. In volume, they are 18% higher than 728 crores in February 2023. Compared to March 2022, the transactions are 60% higher in volume and 45% more in terms of value of transactions.
“March being the last month of the fiscal, all digital transactions see a peak,” said Dilip Asbe, MD & CEO, NPCI. Transactions jump as UPI is used for all payments, whether investments, small ticket purchases or online payments.
February 2023 saw a decline in transactions compared to January. Month on month, the value of transactions in February was down 4.8%, while the volume of transactions had dropped 6.3% after hitting a new high in January 2023.
According to NPCI, there were 49.7 crore IMPS transactions in March 2023 for a value of 5.5 lakh crore, while the Fastag volumes were 30 crores for Rs 5067 crore. A year ago, in March 2022, there were 49 crore IMPS transactions for Rs 4.6 lakh crore and 27 crores Fastag transactions for Rs 4095 crore.
The value of UPI transactions during March 2023 is 13% higher than the Rs 12.35 crore in February 2023. In volume, they are 18% higher than 728 crores in February 2023. Compared to March 2022, the transactions are 60% higher in volume and 45% more in terms of value of transactions.
“March being the last month of the fiscal, all digital transactions see a peak,” said Dilip Asbe, MD & CEO, NPCI. Transactions jump as UPI is used for all payments, whether investments, small ticket purchases or online payments.
February 2023 saw a decline in transactions compared to January. Month on month, the value of transactions in February was down 4.8%, while the volume of transactions had dropped 6.3% after hitting a new high in January 2023.
According to NPCI, there were 49.7 crore IMPS transactions in March 2023 for a value of 5.5 lakh crore, while the Fastag volumes were 30 crores for Rs 5067 crore. A year ago, in March 2022, there were 49 crore IMPS transactions for Rs 4.6 lakh crore and 27 crores Fastag transactions for Rs 4095 crore.
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