In January of this year, UPI transactions surpassed 800 crore for the first time, with a transaction volume of approximately Rs 13 lakh crore. According to National Payments Corporation of India data, the value of transactions in January was Rs 12,98,726 crore, up 56% from Rs 8,31,933 crore the previous year.
Details about UPI transactions reached an all-time high of 803 crores worth 12.98 lakh crores in January
The amount of transactions was 74% greater, at 803 crore, than the 461 crore recorded the previous year. In terms of UPI transactions, January hit a new high in both value and volume. The transaction count in December 2022 was 782 crore, with a total value of Rs 12.8 lakh crore.
Last year, the biggest value of transactions occurred in October, when both the Dussehra and Diwali celebrations fell in the same month. UPI transactions are at their highest during festivals due to shopping and special sales organised by large retailers.
Many shops are now incentivizing customers to utilise UPI because it is less expensive due to the lack of merchant fees. In the Budget, Finance Minister Nirmala Sitharaman stated that UPI would continue to be supported as a digital public infrastructure in FY24.
While the majority of UPI transactions are peer-to-peer, it is also quickly becoming the preferred payment mechanism for both online and offline commerce. According to banks, although reward points and credit facilities drive credit card transactions, UPI outperforms in terms of convenience.
