NPCI Data Report: UPI Transaction Value Hits 8.03bn in 2023

In India, the United Payments Interface is known as UPI. According to National Payment Corporation of India (NPCI) data, the UPI transaction value increased significantly from the 7.82 billion transactions registered in December 2022 to 8.03 billion in January.

The number of UPI transactions increased 74% year over year (YoY) in January 2023. It was Rs 461 crore in January 2022 as opposed to Rs 803 crore this year. Since January 2022, when the transaction value was Rs 8.31 lakh, it has increased by 52%.

A total of 742 banks handled 7,404.5 billion transactions worth 125.95 lakh crore rupees last year.

According to the Economic Survey 2023, UPI accounted for 52% of the 8,840 crore total digital financial transactions completed during the fiscal year 2022 (FY22).

A breakdown of applications by month in January 2023 has not been disclosed by NPCI. Based on authority, the top three UPI transaction apps were PhonePe, Google Pay, and Paytm. 90% of the migrations in December were completed using one of these three programs. Also hidden are the breakdowns of P2P and P2M transactions, which refer to transactions between two individuals.

The government-run payment organization also set a goal of completing one billion UPI transactions daily.