11.24 billion transactions of Rs 17.40 lakh crore were recorded by UPI

 11.24 billion transactions of Rs 17.40 lakh crore were recorded by UPI

11.24 billion transactions of Rs 17.40 lakh crore were recorded by UPI

Overtaking the previous record of ₹17.16 lakh crore in October, UPI transactions hit an astounding ₹17.40 lakh crore in November. The transaction value increased by 1.4% as a result.

In recent months, the Unified Payments Interface (UPI) platform in India has seen phenomenal development, shattering records and reaching new heights. The main data and patterns surrounding UPI transactions are highlighted in this article, along with information on the causes of this rise and estimates for the future.

With record-breaking value and steady yearly growth in both volume and value, UPI transactions have grown dramatically in India. It is anticipated that UPI will continue to dominate the Indian digital payments market and create new records as customers shift to digital payments and new features are introduced.

shattering records in numbers

Overtaking the previous record of ₹17.16 lakh crore in October, UPI transactions hit an astounding ₹17.40 lakh crore in November. According to a National Payments Corporation of India (NPCI) study, this resulted in a remarkable 46% year-over-year rise and a 1.4% monthly increase in transaction value.

Volume and patterns of transactions

The amount of UPI transactions in November decreased by 1.5%, to 1,124 crore, from 1,141 crore the month before, despite the record-breaking amount. It is noteworthy, therefore, that the number of transactions increased by a substantial 54% on an annual basis.

promoting the festival season

Both the volume and value of transactions increased by 8.1% and 8.6%, respectively, in October. The spike was ascribed to higher holiday-season consumer expenditure. With a concentration on travel, e-commerce, and shopping, this trend persisted in November.

constant yearly growth

The UPI transaction volume has grown impressively every year. While the number of UPI trades has continuously increased by more than 50%, the value of transactions has continued to climb at a pace of more than 40% so far in the financial year 2024 (FY24). The UPI platform handled 8,376 crore transactions in FY23, for a total value of ₹139 lakh crore. Compared to 4,597 crore transactions valued at ₹84 lakh crore in FY20, this represented a notable increase.

factors influencing UPI's development

Experts in the field credit many crucial elements for the consistent rise of UPI transactions:

Shifting consumer behavior: People are becoming less likely to use cash for regular purchases.

Convenience features: The user experience is being improved by features like Hello UPI, Tap & Pay, and Credit on UPI.

Merchant Adoption: A rise in the use of third-party payment apps by retailers in their digital operations.

P2M transaction growth: The general increase is being bolstered by the growing proportion of person-to-merchant (P2M) transactions.

P2M transaction growth In recent months, the Unified Payment Interface (UPI) platform in India has seen tremendous development, shattering records and reaching new heights. The main data and patterns surrounding UPI transactions are highlighted in this article, along with information on the causes of this rise and estimates for the future.

It is anticipated that the percentage of P2M exchanges in all UPI transactions would remain high, having risen from 40.3% in January 2022 to 57.5% in June 2023. P2M transaction volumes saw an astounding 119% year-over-year rise during the first half of the year (January-June), reaching 2,915 crore transactions, a jump of 72% to ₹19 lakh crore. went. On the other hand, the number of person-to-person (P2P) transactions rose by 22% to ₹2,275 crore, while the value of these transactions jumped by 41% to ₹64 lakh crore.

future estimates

In India, UPI transactions seem to have a bright future. Within the next 18 to 24 months, according to some analysts, UPI transactions may surpass the Rs 2,000 crore threshold. Furthermore, according to a PwC India estimate, UPI is expected to take the lead in retail digital payments, making up an astounding 90% of all transactions over the course of the next five years. By FY27, it's predicted that UPI transactions might reach an astounding 100 crore per day.