UPI payments hit new record in 2023 with transaction count, value

UPI ended 2023 at a high, setting new records in transaction count and value. In December, there were over 1,200 crore transactions worth more than Rs 18 lakh crore. This is a marginal increase compared to November's already peaked Rs 17.4 lakh crore. Data from NPCI shows that in 2023, there were over 11,765 UPI transactions worth Rs 182.2 lakh crore, a 59% increase in volume and a 45% increase in value compared to 2022.

NPCI has also announced the launch of 'UPI for Secondary Market' and Hitachi Payment Services introduced the country's first ever UPI ATM. UPI ended 2023 at a high, creating a new record in terms of both the transaction count and value. There were over 1,200 crore transactions in December and they were worth more than Rs 18 lakh crore – a marginal increase as compared to the already peaked Rs 17.4 lakh crore in November 2023.

Over 11,765 UPI transactions worth Rs 182.2 lakh crore were processed in 2023, which is up 59% in terms of volume and 45% in terms of value compared with 2022, as per data by the National Payments Corporation of India ( NPCI ). UPI transactions in December Transactions worth Rs 18.23 lakh crore were processed in the last month of 2023.

In percentage terms, the value of transactions was 4.8% higher on the month and 42% on a year over year (YoY) basis. The number of UPI transactions breached the 1,200 crore mark to 1,202 crore transactions, higher by 6.9% on month and 54% YoY. The value and number of transactions on the UPI network has been on an upward spiral since October, riding the festival season wave.

While November recorded UPI transactions Rs 17.4 lakh crore in value and crossed the 11 billion volume number, in October, UPI recorded 11.41 billion transactions worth Rs 17.17 trillion. The value of transactions rose 8.6% and the number of transactions by 8.1%. Features coming to UPI The NPCI has announced the launch of 'UPI for Secondary Market' in its Beta phase and said that UPI members will be able to soon go live with the UPI ‘Tap and Pay' functionality with phones that have NFC feature.

Furthermore, Hitachi Payment Services has introduced 'the country's first ever UPI ATM’ as a White Label ATM (WLA) in association with NPCI that will allow users to scan a QR code and withdraw cash. Explore Your Financial Landscape with Personalized Credit Insights. FOLLOW US ON SOCIAL MEDIA Visual Stories Previous Here’s how many users top telcos have in India Gadgets 5G smartphones with 10GB or more RAM under Rs 25,000 Gadgets 5G smartphones launching in 2024 Gadgets Top 5 AR/VR headset companies worldwide in Q3 23 Gadgets 5G smartphones with in display fingerprint sensor Gadgets 10 ‘most popular’ YouTube Shorts in 2023 Gadgets 5G phones with IR blaster under Rs 30,000 Gadgets ISRO’s upcoming missions in 2024 Gadgets Reliance JioTV Premium subscription plans launched: All the details Gadgets 10 5G smartphones under Rs 35,000 Gadgets Next 1 2 3 Elections Chhattisgarh CM News MP CM News Rajasthan Election Results MP Election Result 2023 Chhattisgarh Election Result Mizoram Election Result TOP TRENDS India Covid Cases Japan Plane Fire Driver Protest News Breaking News Today IND vs AUS Women Truck Drivers Protest.