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Wednesday, February 28, 2024

“Revolutionizing the Financial Scene in India,” UPI Crosses the Triple-Digit Barrier with 100 Billion Transactions in 2023

<p>The National Payments Corporation of India (NPCI) released monthly statistics on its website, indicating that in 2023, the number of transactions using the Unified Payments Interface (UPI) exceeded 100 billion.</p>
<p><img decoding=”async” class=”alignnone wp-image-336805″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–750×422.jpg” alt=”theindiaprint.com revolutionizing the financial scene in india upi crosses the triple digit barrier” width=”1419″ height=”798″ title=”"Revolutionizing the Financial Scene in India," UPI Crosses the Triple-Digit Barrier with 100 Billion Transactions in 2023 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier–150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-revolutionizing-the-financial-scene-in-india-upi-crosses-the-triple-digit-barrier-.jpg 1200w” sizes=”(max-width: 1419px) 100vw, 1419px” /></p>
<p>With a notable growth of 58.89%, the total transactions for the last year have increased to 117.55 billion from 73.98 billion in 2022.</p>
<p><strong>The monthly UPI transaction data for January through December of 2023 are as follows:</strong></p>
<p>8.03 trillion in January<br />
7.53 billion in February<br />
8.65 billion in March<br />
8.86 billion in April<br />
9.41 billion May<br />
9.33 billion in June<br />
9.96 billion in July<br />
10.58 billion in August<br />
September 10.55 billion<br />
October 11.40 billion<br />
November 11.23 billion<br />
December: 12.02 billion</p>
<p>Ten billion monthly transactions was a spectacular milestone accomplished by UPI last August; this was surpassed by eleven billion in October and twelve billion in December. But sometime this year, it’s expected that UPI will surpass MasterCard’s 440 million daily transaction volume.</p>
<p>Many delegates complimented and acknowledged the usage of this digital payment ecosystem at the pre-and post-G20 Summit in India. They also said that UPI has changed the Indian financial scene by fostering a paperless society and increasing financial inclusion.</p>
<p>Numerous nations have shown interest in establishing similar ecosystems in their areas.</p>
<p>During comments on the fringes of the G20 working group on the digital economy, Union Minister Ashwini Vaishnaw said that India has inked Memorandums of Understanding (MoUs) with over ten countries wishing to utilize the UPI interface for digital payments.</p>
<p>Although Bhutan was the first nation to use UPI, speedier transactions between the two nations were made possible by the integration of UPI and PayNow, the comparable network in Singapore, earlier in the year.</p>
<p>Prime Minister Narendra Modi also said that a deal to utilize the UPI payment system had been reached with France. In a similar vein, the Central Bank of Oman and the NPCI reached an additional agreement to permit UPI to be used for digital transactions on all platforms. In order to enable UPI payments, NIPL partnered with NEOPAY in the UAE, and Nepal also enabled real-time UPI payments.</p>

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