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).&nbsp;

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.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/passengers-on-france-human-trafficking-plane-paid-nearly-100k-for-illegal-us-entry-676141">Passengers on France 'human trafficking' plane paid nearly $100k for illegal US entry</a>

<h2>UPI transactions hit a new record in 2023</h2>

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.&nbsp;

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.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/adani-hindenburg-case-supreme-court-of-india-refuses-to-trasfer-probe-from-sebi-to-sit-676135">India Supreme Court rejects plea to transfer Adani-Hindenburg case probe to special investigation team</a>

The total transactions in 2023 stood at 117.55 billion in 2023, much more than 73.98 billion transactions in 2022.&nbsp;

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.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-zero-cold-wave-days-in-december-2023-for-delhi-warmest-in-last-six-years-676184">India: Zero 'cold wave' days in December 2023 for Delhi, warmest in last six years</a>

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.&nbsp;

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.

(With inputs from agencies)

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).

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. Also Read | Passengers on France 'human trafficking' plane paid nearly $100k for illegal US entry UPI transactions hit a new record in 2023 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. Also Read | India Supreme Court rejects plea to transfer Adani-Hindenburg case probe to special investigation team 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. Also Read | India: Zero 'cold wave' days in December 2023 for Delhi, warmest in last six years 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. (With inputs from agencies)

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

The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25). The layoffs reportedly took place over the last few months.&nbsp;

<h2>10 per cent employees affected</h2>

The layoffs, according to ET, took place as the company is in the process of realigning various businesses and looking to cut costs, and will affect 10 per cent of the entire workforce at Paytm.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/paytm-share-price-faces-scrutiny-amid-strategic-shifts-analyst-concerns-667459">Paytm share price faces scrutiny amid strategic shifts &amp; analyst concerns</a>

The reported layoffs, if confirmed, would be among the steepest job cuts by an Indian new-age tech firm in 2023. According to the ET report, Paytm’s lending business which saw a major expansion in the last year or so, may witness most of the job losses due to the layoffs.&nbsp;

The report also comes on the heels of the UPI platform’s withdrawal of small-ticket consumer lending and its ‘buy now pay later’ lending segment after a <a href="https://www.wionews.com/business-economy/rbi-slaps-paytm-payments-bank-with-a-massive-penalty-heres-why-646206">crackdown</a> on unsecured loans by RBI.&nbsp;

The layoffs have affected employees across payments, lending and executives in operations in sales, said ET citing sources. Reportedly, performance issues have resulted in most people getting fired as the company has sought to increase portability.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/googles-shift-to-ai-automation-sparks-ad-sales-reorganisation-world-business-watch-673284">Google's shift to AI automation sparks ad sales reorganisation</a>

<h2>AI takes over jobs&nbsp;</h2>

In response to the report, a spokesperson for the financial services firm disputed the number of people fired but acknowledged layoffs. The Paytm spokesperson also said that it intends to save 10-15 per cent of staff costs over the current fiscal year. Additionally, most of the impacted roles have been replaced.&nbsp;

“We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing,” said the Paytm spokesperson.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/uk-supreme-court-rules-against-ai-as-patent-inventor-in-landmark-case-672020">UK Supreme Court rules against AI as patent 'Inventor' in landmark case&nbsp;</a>

The company’s spokesperson also told ET that their core business of payment might see a manpower increase of 15,000 people in the upcoming year.&nbsp;

(With inputs from agencies) 
&nbsp;

The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25).

The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25). The layoffs reportedly took place over the last few months. 10 per cent employees affected The layoffs, according to ET, took place as the company is in the process of realigning various businesses and looking to cut costs, and will affect 10 per cent of the entire workforce at Paytm. ALSO READ | Paytm share price faces scrutiny amid strategic shifts & analyst concerns The reported layoffs, if confirmed, would be among the steepest job cuts by an Indian new-age tech firm in 2023. According to the ET report, Paytm’s lending business which saw a major expansion in the last year or so, may witness most of the job losses due to the layoffs. The report also comes on the heels of the UPI platform’s withdrawal of small-ticket consumer lending and its ‘buy now pay later’ lending segment after a crackdown on unsecured loans by RBI. The layoffs have affected employees across payments, lending and executives in operations in sales, said ET citing sources. Reportedly, performance issues have resulted in most people getting fired as the company has sought to increase portability. ALSO WATCH | Google's shift to AI automation sparks ad sales reorganisation AI takes over jobs In response to the report, a spokesperson for the financial services firm disputed the number of people fired but acknowledged layoffs. The Paytm spokesperson also said that it intends to save 10-15 per cent of staff costs over the current fiscal year. Additionally, most of the impacted roles have been replaced. “We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing,” said the Paytm spokesperson. ALSO READ | UK Supreme Court rules against AI as patent 'Inventor' in landmark case The company’s spokesperson also told ET that their core business of payment might see a manpower increase of 15,000 people in the upcoming year. (With inputs from agencies)

Paytm lays off more than 1,000 employees across various departments: Report

A recent report by PWC India has unveiled some staggering projections that showcase the remarkable transformation taking place in India's payment landscape. According to the report, the unified payments interface, or UPI, is on a trajectory to achieve an astonishing milestone of 1 billion transactions per day by 2026-27.

India's cashless carnival, as UPI, takes over 90% of digital retail payments

upi-transaction

Upi Transaction, News on Upi Transaction, stories on Upi Transaction, articles on Upi Transaction, Upi Transaction stories at Wion, Upi Transaction news, Upi Transaction latest news

upi transaction

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

Paytm lays off more than 1,000 employees across various departments: Report

India's cashless carnival, as UPI, takes over 90% of digital retail payments