The Unified Payments Interface (UPI) transactions crossed 100 billion in 2023, according to the monthly data shared by the National Payments Corporation of India (NPCI) on its website.
The total transactions stand at 117.55 billion in the past year compared to 73.98 billion transactions in 2022, showing a significant increase of 58.89%.
Here are the details of monthly UPI transactions from January to December 2023:
Last August, UPI achieved a remarkable feat of 10 billion monthly transactions, followed by 11 billion in October and 12 billion in December. However, at some point this year, UPI is anticipated to overtake MasterCard’s 440 million daily transaction volume.
During the pre- and post-G20 Summit in India, there were many delegates who not only praised as well used this digital payment ecosystem but also stated that UPI has transformed the Indian financial landscape, promoting a cashless society and boosting financial inclusion.
Many countries have shown interest in implementing this same ecosystem in their regions.
Union minister Ashwini Vaishnaw stated during remarks on the sidelines of the G20 digital economy working group meeting that India had signed MoUs with more than 10 nations that wish to use the UPI interface for digital payments.
While Bhutan became the first country to adopt UPI, earlier last year, UPI and its equivalent network in Singapore called PayNow, were integrated to enable faster transfers between the two countries.
Additionally, Prime Minister Narendra Modi announced that there was an agreement with France to use the UPI payment system. Similarly, another pact was made between the Central Bank of Oman and the NPCI to allow UPI to be used for digital transactions across all platforms. Nepal also made real-time UPI payments available, while to facilitate UPI payments, NIPL teamed with NEOPAY in the UAE.
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