Daily UPI Transactions Jump 50% To 36 Crore, Says RBI Governor Shaktikanta Das added that the overall monthly digital payment transactions crossed over INR 1,000-crore-mark each month during the past three months
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50% from 24 crore in February 2022, according to a PTI report.
While launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai, the governor reportedly said that, in value terms, these transactions are worth INR 6.27 lakh crore, registering a growth of 17% from INR 5.36 lakh crore in February 2022 and added that the overall monthly digital payment transactions crossed over INR 1,000-crore-mark each month during the past three months.
"Our payment systems are talked about globally and several countries have shown interest to replicate our success story. It is a matter of pride that our payment systems have witnessed over 1,000 crore transactions every month since December 2022. This speaks volumes of the robustness of our payments ecosystem and acceptance by consumers. A recent pan-India digital payments survey (covering 90,000 respondents) revealed that 42 per cent of respondents have used digital payments," Das said in a statement.
According to the report, In terms of volume, the number of UPI transactions exceeded 800 crore in January 2023, while NEFT (National Electronic Funds Transfer) witnessed the highest ever daily volume of 3.18 crore transactions on February 28.
As per the National Payments Corporation of India (NPCI), UPI transaction volumes during October 2020 in India had crossed the 2-billion mark which was around 270 million higher than the corresponding figure for September 2020. Gradually, the transactions on the unified payments interface (UPI) recorded the 6 billion mark in July 2022, reported as the highest ever by India's flagship digital payments platform since its inception. As per national payment corporation of India (NPCI), UPI processes 628 crore transactions worth INR 10.63 lakh crore during the month.
The UPI was launched in 2016, and since then it has emerged as the most popular and preferred payment mode pioneering person-to-person and person-to-merchant transactions accounting for 75 per cent of the total digital payments. In a nutshell, volume of UPI transactions has reportedly increased manifold from 0.45 crore in January 2017 to 804 crore in January 2023.
