The Unified Payments Interface (UPI) processed 1,141 crore transactions in October worth Rs 17.16 lakh crore, data shared by the National Payments Corporation of India (NPCI) showed. With this, UPI transactions crossed the 1,000 crore transaction threshold for the third consecutive month. This is 8 per cent higher in volume and an 8.6 per cent hike in value when compared with September.
In September, UPI recorded 1,056 crore transactions worth Rs 15.8 Lakh crore. In August, UPI reported 1,024 crore transactions during the month and the transaction value stood at Rs 15.18 lakh crore. In July, UPI platform had seen 996 crore transactions.
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“UPI value and volumes are at their peak on account of increased digital adoption at two levels – merchants and customers. The adoption has increased on account of the higher penetration by different UPI-based third-party payment apps that have continually adding new customers. The rewards and incentives programs offered by the third-party UPI-based payment apps also entice existing customers to route more transactions through UPI,” said Vivek Iyer, Partner, Grant Thornton Bhara.
In FY23, the UPI platform processed a total of 8,376 crore transactions aggregating Rs 139 lakh crore, compared with 4,597 crore transactions worth Rs 84 lakh crore in FY22.
NPCI is targeting around 30 billion transactions a month or one billion transactions a day within the next two to three years. A report by PwC India stated that UPI transactions are expected to breach 100 crore transactions per day by FY27, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next five years.
