UPI records 9 billion transactions in May worth Rs 14.3 trillion
UPI
National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it touched a record high of Rs 14.3 trillion in terms of value and9.41 billion in volumein May.
The numbers are a significant uptick from April when the platform recorded 8.89 billion transactions worth Rs 14.07 trillion.
Data released by the NPCIshowed that approximately Rs 3.96 trillionworth of transactions took place in the final 10 days of May.
“Celebrating a milestone moment! We've crossed a phenomenal 9 billion transactions on UPI in the month of May’23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!” NPCI tweeted.
According to several estimates, UPI is projected to account for 90 per cent of the digital payments over the next five years.
WATCH |UPI to take over 90% of retail digital payments in India
&im=FitAndFill=(700,400))
National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent
)
India names 27 sites in Arunachal Pradesh
)
Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?
&im=FitAndFill=(700,400))
How many soldiers operate one S-400 battery?
)
Shakib Al Hasan ready to return to Bangladesh—under one condition
)
‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal
)
Rockstar to unveil GTA 6 extended look ahead of November launch
)
Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine
)
Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states
)
Technology transfer deal boosts India's defence manufacturing ambitions
)
Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy
)
Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS
)
'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia
)
Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside
)
Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift
&im=FitAndFill=(700,400))
New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
RSS says Gen Z protests reflect genuine distress
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act
)
Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott
&im=FitAndFill=(700,400))
Why the Su-30MKI doesn't need external fuel tanks to fly vast distances
)
Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation
)
New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know
)
India officially names 27 places in Arunachal to counter China's renaming claims
)
Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed
)
US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
&im=FitAndFill=(700,400))
Why the Su-30MKI is one of the heaviest fighters ever built
)
Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH
)
Chilling video shows students take cover as teen opens fire at Thai school
)
Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report
A recent report byPwC India titled 'The Indian Payments Handbook – 2022-27', has projected thatUPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. In the2022-23, UPI accounted for 75 per cent of the total transaction volume, signifying a massive shift towards digital payments.
With a compounded annual growth rate (CAGR) of 50 per cent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27.
UPI transactions, in particular,are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27.
UPI's introduction in India
It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe and PayTM were some of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.
Singapore and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.
One of the biggest USPs of UPI is its open architecture which allows seamless integration. Users can link their bank accounts directly and initiate transactions effortlessly.
This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses.
In abid to further boost digital payments, India's central bank recently allowed RuPay credit cards to be linked to UPI. This was to enable customers to link their credit cards and pay via UPI.
(With inputs from agencies)
WATCH WION LIVE HERE: