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UPI Transactions Cross the 100 Billion Mark in 2023

CIO Insider Team | Wednesday, 3 January, 2024
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According to the National Payments Corporation of India (NPCI), transactions through the Unified Payments Interface (UPI) platform crossed the 100 billion mark in the calendar year 2023 and closed around 118 billion.
This represents a 60 percent increase from 74 billion UPI transactions in 2022.

In August 2023, UPI crossed the milestone of 10 billion transactions per month for the first time and continued to do so in the following months. In December, UPI recorded 12 billion transactions with a cumulative value of Rs 18.23 lakh crore.

The total value of UPI transactions in 2003 was around Rs 182 billion, a 44 percent increase from Rs 126 billion in 2022. According to NPCI, the daily number of UPI transactions recorded in December was around 387 million.

UPI is expected to surpass Mastercard's daily transaction volume of 440 million this year at a growth rate of 60 percent. Visa, the world's largest card network, processes an average of 750 million transactions per day.

In particular, the architecture of the NPCI technology stack that powers the mobile payment system enables infinite scalability

While there are around 9.6 million credit cards in India, transactions on the platform are worth around Rs 1.6 crore, less than a tenth of what UPI does per month. There are more than 300 million users of UPI payments in the country. Recently, Rupay credit cards, which can be linked to UPI accounts, have become popular among banks and users.

In particular, the architecture of the NPCI technology stack that powers the mobile payment system enables infinite scalability. The ability to think about the network effect of innovations also helps the organization identify the features that customers and partners want most.

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