UPI ends FY24 on a high with 13K transactions, Rs 199 lakh cr value
Transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the previous peak of ₹18.41 lakh crore in January 2024
The Unified Payments Interface (UPI) is going from strength to strength. The transactions on UPI ended FY24 on a strong high both, in terms of value and volume. In FY24, the UPI platform processed 13,115 crore transactions, aggregating to ₹199.29 lakh crore, compared to 8,376 crore transactions worth ₹139 lakh crore in FY23, a rise of almost 57% in volume and 43% in value, respectively.
According to figures from National Payments Corporation of India (NPCI) , transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the previous peak of ₹18.41 lakh crore in January 2024. The value of transactions was 40 per cent higher, compared to that in March 2023, according to data from the National Payments Corporation of India (NPCI).
The number of transactions on the UPI network rose to 1,344 crore during the month, from the January peak of 1,220 crore transactions.
Last month, Reserve Bank of India governor Shaktikanta Das said that India accounts for nearly 46% of the world’s digital transactions. He attributed this jump to the increase in adoption of UPI.
“The share of UPI in digital payments has reached close to 80% in 2023. At a macro level, the volume of UPI transactions increased from 43 Cr in 2017 to 11,761 Cr in 2023,” he said.
On the other hand, Immediate Payment Service (IMPS) transactions posted a 17 per cent growth in volume to 581 million transactions and 16 per cent growth in value to Rs 6.35 lakh crore in volume in March 2024.
During the entire financial year, it moved up by 9 per cent to 5,999 million as against 5,510 million transactions in 2022-23.