UPI sees transactions worth Rs 17.6 lakh crore in October, 2023

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Well on its way to achieving the ambitious target of 2 billion daily transactions in the next seven years, payments behemoth United Payment Interface (UPI) has clocked around 1,140 crore transactions which had a total value of Rs 17.6 lakh crore during October, 2023. 

The figure far surpassed the transaction volume it had registered in September, when it saw 1,055.569 crore transactions worth Rs 15.79 lakh crore. As per data by the National Payment Corporation of India (NPCI), UPI posted a 56% y-o-y growth in terms of transactional volume, while a 42% y-o-y growth in terms of value. Notably, in October 2022, the UPI platform had seen 730 crore transactions which amounted to around Rs 12.12 lakh crore. 

The volume and value of transactions undertaken using UPI have been seeing a steady growth in 2023. In June 2023, UPI registered 933.50 crore transactions worth Rs 14.75 lakh crore. This jumped to 996.40 crore transactions with a value of Rs 15.33 crores in July 2023. 

UPI breached the 10-billion (1,000 crore) mark in terms of transaction volume in August, 2023, when it witnessed 1055.569 crore transactions worth Rs 15.76 lakh crore. Given that the festive season is almost here, UPI usage is certainly set to soar. In fact, according to a report titled India Digital Payments Report for H1 2023, person to merchant (P2M) transactions are expected to constitute at least 75% of all UPI transactions in the next 2 years. As of 2023, P2M transactions make up for 56.1% of all UPI transactions. 

As for the Immediate payment service (IMPS), the volume of transactions touched 49.3 crores with a total value of Rs 53,800 crores. Additionally, NPCI also released data pertaining to AePS, or Aadhar-enabled payment system. AePS enables everyone who holds an Aadhar deposit cash, transfer funds and inquire account balances, all by using their unique identification number. In October, 2023, AePS transactions touched around 1.04 crores, with a total value of Rs 25,973 crore.