In November 2023, the United Payments Interface (UPI) achieved over 11 billion transactions for the second consecutive month, totaling 1,124 crore UPI transactions. Although slightly lower than October’s 1,141 crore transactions, this marked a substantial 54% increase compared to November 2022’s 730.95 crore transactions.
In terms of transaction value, November recorded INR 17.40 lakh crore, a modest increase from October’s INR 17.16 lakh crore. Year-on-year, this represented a significant 46% surge from the INR 11.90 lakh crore recorded in the same period last year.
This achievement marked the second time that UPI transaction volumes exceeded INR 17 lakh crore. Notably, UPI transactions consistently remained above INR 15 lakh crore in July, August, and September.
Fintech Watch is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest fintech insights!” Click here!
PhonePe, Google Pay, and Paytm continued their dominance, collectively contributing to over 90% of all UPI transactions in October 2023.
Quoting the NPCI, “The NPCI has set its sights on achieving 100 Bn monthly transactions.”
At the Global Fintech Fest 2023, the NPCI unveiled several UPI innovations to reach this goal. These innovations include credit line access, NFC-based offline payment options UPI LITE X and Tap & Pay, and conversational payment solutions Hello! UPI and BillPay Connect.
Emphasizing the importance of security in digital payments, the NPCI urged banks and payment applications to deactivate inactive UPI IDs and numbers by year-end. They highlighted the need for customers to regularly review and verify their banking information for a secure transactional experience.