Surpassing all previous milestones, the digital payment transactions via Unified Payments Interface (UPI) saw a whopping 55% year-on-year growth in transaction volume to touch an all-time high of 11.41 billion transactions surpassing a total value of Rs 17.16 lakh crore during October.
While the month-on-month surge, as compared to September, in the number of transactions stood at 8%, the total transactions’ value swelled 8.6%. The number of digital transactions in September stood at 10.56 billion, the transaction value was estimated to be at rupees 15.18 lakh crore.
According to the latest data released by National Payments Corporation of India (NPCI), besides year-on-year increase in number of transactions, there is also a 42% surge in the transaction value of the digital payments made during the month of October.
During the last fiscal the digital payments transactions via UPI stood at 83.76 billion in contrast to 45.97 billion transactions during FY22. UPI looks to process as much as 2 billion daily transactions by 2030, NPCI chief Dilip Asbe said earlier this year.
Experts attribute the month-on-month surge in the number of transactions to the festive season and hope that this will continue till year end.
According to a RBI report, the payment and settlement systems witnessed a growth of 57.8% in transaction volume during 2022-23, following a 63.8% expansion in the previous year. RBI’s financial stability report also highlights its interest in leveraging domestic payment systems through bilateral interlinkages with other countries, emphasizing the importance of India’s role in shaping the future of digital payments on a global scale.
As per the NPCI data, Immediate Payment Service (IMPS) also swelled in October with about 49.3 crore transactions at a total value of Rs 5.38 lakh crore. This is said to be a 2% year-on-year increase in the number of transactions and a 15% rise in transaction amount. In September, IMPS saw 47.3 crore transactions amounting to Rs 5.07 lakh crore in value, while in August, the platform recorded 48.9 crore IMPS transactions with a total transaction amount of Rs 5.14 lakh crore.