At 8.7 billion, UPI hits record transactions in March

India’s Unified Payments Interface (UPI) clocked its highest-ever number of transactions at 8.7 billion in March 2023, according to National Payments Corporation of India’s (NPCI). Real-time payments jumped 60 per cent year-on-year (y-o-y) on the flagship online money transfer platform.


UPI is an instant payment system developed by the NPCI. (Representative)
UPI is an instant payment system developed by the NPCI. (Representative)

UPI hit 8 billion transactions for the first time in January this year. February saw a marginal decrease in the number of transactions – 7.5 billion – due to fewer days.

Ending the financial year on a high, the value of the record number of transactions was pegged at INR14.05 trillion. UPI has registered a 46% y-o-y rise in value of transactions. March 2022 saw 5.4 billion payments worth INR9.6 trillion.

The value of digital transactions in January was INR12.98 trillion, which dipped to INR12.35 trillion in February. Also read: NPCI says no charge on ‘normal’ UPI payments; but is free service sustainable? UPI, an instant payment system developed by the NPCI which enables Person to Person (P2P) and Person to Merchant (P2M) transactions, has become the most popular and hassle-free mode of funds transfer in India.

Although launched in 2016, UPI marked a billion transactions in a month in October 2019. Within 10 months, the platform recorded more than 3 billion monthly transactions. UPI, which currently handles nearly 30 crore payments daily, has the potential to process one billion transactions every day, the Reserve Bank of India (RBI) governor Shaktikanta Das said recently.

The preference for UPI spiked during the pandemic, with 99% of transactions emerging from bank account-to-account payments. Now, RuPay credit cards can be connected to UPI and merchant payments can be made through prepaid instruments (PPIs), in a boost to digital transactions. From April 1, NPCI imposed an interchange charge of up to 1.1 per cent on PPI transactions (gift cards, wallets, among others) over INR2,000.

Customers won’t be charged in normal UPI payments – account to bank account-based transfers.

SHARE THIS ARTICLE ON

  • ABOUT THE AUTHOR

    Multimedia journalist with Hindustan Times.

    Covers India, world, business and tech news with a keen eye for human-interest stories rooted in gender and culture.

Tags:

atlantis-the-palm listed on couponmatrix.ukbedworld listed on couponmatrix.ukchessington-holidays listed on couponmatrix.ukoakwood-theme-park listed on couponmatrix.uksse listed on couponmatrix.ukthe-white-company listed on couponmatrix.uk
atlantis-the-palm listed on couponmatrix.ukSprinkle some luxury into your next getaway with the help of the Atlantis, The Palm hotel. With five-star quality rooms and suites overlooking the spectacular views of the Arabian Sea or Dubai Skyline, you’ll never want to stay anywhere else. Use your Atlantis The Palm promo code to knock off money from your Dubai experience and put them towards the Aquaventure waterpark on-site or a day experience of diving with amazing animals!
bedworld listed on couponmatrix.ukBedworld is one of the leading online retailers for beds, mattresses and bedroom furniture. They offer a wide range of products from leading brands at competitive prices. They also offer a range of kid’s bed frames and mattresses to suit every style! Bedworld offers a variety of discount codes to help you save money on your purchase. So if you're looking for a new bed or mattress, be sure to check out Bedworld.
chessington-holidays listed on couponmatrix.ukMake your day out a weekend staycation with Chessington Holidays, the venue that brings together luxury accommodation with fun family antics. With Chessington hosting a wide array of family-themed rides and activities alongside several hotels, a Chessington Holidays discount code can save you plenty on a welcome break away. From the sandy shores of Shipwreck Coast to the natural exhibits of Chessington Zoo, indulge in some adventure and then rest the weariness away with Chessington Holidays.
oakwood-theme-park listed on couponmatrix.ukLocated in Pembrokeshire, South West Wales, Oakwood Theme Park is a hugely popular attraction with a range of rides, activities and events for the whole family to enjoy. From adrenaline-fuelled rollercoaster rides to the Neverland family playground, there’s plenty to keep us flocking back to Oakwood. Book your tickets online with Oakwood discount codes from Groupon and see what all the fuss is about. We’ve got Megafobia, Speed and Vertigo on our bucket list, and a nibble at the Oak Tree wouldn’t go amiss either!
sse listed on couponmatrix.ukThe price of energy and running your home doesn’t always come cheap - so, why not make the switch to SSE? You could banish steep bills from darkening your door thanks to the excellent SSE energy rates and phenomenal broadband packages. Don’t forget to browse our money-saving SSE deals to cut the cost of already affordable tariffs, and join the millions of loyal customers that trust SSE with their energy and broadband requirements. Stay connected for less and register for an SSE login today!
the-white-company listed on couponmatrix.ukClear the clutter and simplify your home with the help of The White Company. With stunning furnishings, beautiful accessories and quirky clothing, all in different shades of white and muted tones, you’ll soon find your house feels more like a haven. Use your White Company discount code to find ideal interior design pieces for a low-cost price, or splurge on a new wardrobe, without having to worry about the cost - after all, you’ll always look alright when you wear white!