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National Payments Corporation of India (NPCI) celebrating incredible milestone and the power of digital payments.
The Unified Payments Interface (UPI) network breached the milestone of 1,000 crore transactions per month in August 2023, for the first time in its seven year’s history. Processing a record 1,058 transactions. The platform had crossed 900 crore transactions per month in May 2023.
The number of transactions were higher by 6.2 per cent from the previous month, and 61 per cent compared to August 2022, according to data by the National Payments Corporation of India (NPCI).
UPI logged 1,024.1 Cr transactions worth INR 15.18 Lakh Cr till August 30 banking on the second consecutive month of growth in numbers. Month-on-Month (MoM), transaction count rose 2.8% from 996 Cr while transaction value declined around 1% from INR 15.34 Lakh Cr in July 2023.
UPI also logged a 55% year-on-year (YoY) growth rate in terms of transaction count, jumping from 658 Cr in August 2022. On the other hand, transaction value soared more than 41% in August 2023 from INR 10.73 Lakh Cr in the year-ago period.
The numbers are testament to the growing popularity of UPI as a digital payments tool. From crossing the 100 Cr monthly transaction mark in October 2019, the platform has scaled 10X in a span of just four years. Meanwhile, NPCI has set its eyes on growing the platform to accommodate 100 Cr transactions on a daily basis.
The payments corporation is yet to disclose the app-wise data of the UPI transactions for the month of August 2023. PhonePe, Google Pay and Paytm are likely expected to continue their dominance over the digital payments system.
In July, the three players together accounted for 95% of the total transaction count on the UPI network.
Industry stakeholders said that the payments framework has further room for growth. Sunil Rongala, senior vice-president and head of strategy for India at payments services firm Worldwide said, “At 10 billion, there is still a lot of room for UPI transactions to grow. The data shows that UPI’s peer to merchant (P2M) transactions are growing at a pace of over 100% (YoY), and have a higher share than peer to peer (P2P) transactions. Over time, P2M transactions will drive UPI transactions growth, and it will be no surprise if monthly UPI transactions hit 20 billion in the next 18-24 months.”
