Scaling high! UPI transactions in 2023 crossed the 100-billion mark for the first time

Transactions in India through its unified payments interface (UPI) crossed the 100-billion mark in 2023. The year closed at around 118 billion transactions through the indigenised instant payment system of UPI, reveals the National Payments Corporation of India (NPCI). 

The calendar year of 2023 saw a massive rise of 60 per cent in UPI transactions compared to 74 billion recorded in 2022. This is also a unique feat as it is the first time that UPI transactions have crossed the 100-billion mark since its inception in 2016. 

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In 2023, UPI transactions broke many records and set some new ones. August 2023 became the month when UPI saw a record 10 billion transactions in a month. The trend was then continued in the following months. In December, UPI recorded 12 billion transactions, the highest ever for a month. 

In December itself, which is a holiday season, UPI transactions were remarkably recorded at around 387 million each day, as per the NPCI data. Data suggests that UPI is expected to surpass MasterCard’s daily transaction volume of 440 million this year. This will be a massive feat for UPI that can make it acceptable in more foreign countries. 

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The total transactions in 2023 stood at 117.55 billion in 2023, much more than 73.98 billion transactions in 2022. 

Here are the detailed monthly UPI transactions from January to December 2023:

January- 8.03 billion

February- 7.53 billion

March- 8.65 billion

April- 8.86 billion

May- 9.41 billion

June- 9.33 billion

July- 9.96 billion

August- 10.58 billion

September- 10.55 billion

October- 11.40 billion

November- 11.23 billion

December- 12.02 billion

There are more than 300 million UPI payment users in the country. Newly-launched Rupay credit cards which can be linked to UPI accounts have been gaining popularity among banks and users. The technology stack structure of NPCI allows for infinite scalability and innovation in fintech.

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UPI was launched in 2016, an instant payment system developed by India’s NPCI. It is used on mobile devices to instantly transfer funds between two bank accounts with a mobile number registered with the bank. Since its launch, it revolutionised the country’s payment system. 

India has shared its UPI technology with other countries as well including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka and others.