January 3, 2024
UPI recorded approximately 74 billion transactions in 2022 and 38.7 billion transactions in 2021
UPI payments reached 12.02 billion transactions processing payments worth INR 18.23 lakh crore in December
UPI Autopay has been steadily gaining popularity, particularly for bill and subscription payments
Enhanced transaction limits have played a significant role in fostering the growth of the UPI Autopay
Data from the National Payments Corporation of India (NPCI) reveals that the UPI has surpassed the 100-billion mark. NPCI, the operator of the UPI service and other payment processing infrastructure, reported a total of 117.6 billion transactions processed by UPI in 2023. The staggering growth of UPI is evident, considering it recorded approximately 74 billion transactions in 2022 and 38.7 billion transactions in 2021.
The total value processed through UPI rails last year exceeded Rs 182 lakh crore. Monthly transactions on UPI witnessed a remarkable increase of over 49% from January to December 2023, as per NPCI data. In December 2023 alone, UPI payments reached 12.02 billion transactions, processing payments worth INR 18.23 lakh crore. This represents a 54% year-on-year growth in volume and a 42% growth in transaction value annually.
Notably, UPI Autopay, the recurring payment mandate facilitated by NPCI on the UPI payment mode, has been steadily gaining popularity, particularly for bill and subscription payments. Its popularity is attributed to expanding use cases, including mutual fund payments, insurance premiums, and credit card bill payments. Recent enhancements to transaction limits, increased from INR 15,000 to INR 1 lakh, have played a significant role in fostering the growth of the UPI Autopay feature in terms of volumes and value.
Source: Economic Times