Digital payments via the United Payments Interface (UPI) crossed the 11 Bn mark for the second consecutive month, as the country recorded 1,124 Cr UPI transactions in November.
According to the data shared by the National Payments Corporation of India (NPCI), UPI transactions were slightly lower from October’s 1,141 Cr but up 54% from the 730.95 Cr transactions the payments network recorded in November 2022.
Further, the transactions in November 2023 were worth INR 17.40 Lakh Cr, marginally higher than the INR 17.16 Lakh Cr recorded in October 2023. Year-on-year, the growth was 46% higher than the INR 11.90 Lakh Cr transaction volume.
This is also the second time in a row that UPI transaction volume has crossed the INR 17 Lakh Cr mark. It stood at above INR 15 Lakh Cr in July, August and September.
Though detailed statistics for November are yet to be released by the NPCI, PhonePe, Google Pay and Paytm continued their dominance in the UPI ecosystem in October 2023. The three UPI apps accounted for more than 90% of all transactions on the payments network.
The NPCI has set its sights on achieving 100 Bn monthly transactions. As part of this, it unveiled multiple UPI innovations at the Global Fintech Fest 2023, including credit line access, NFC-based offline payment options UPI LITE X and Tap & Pay, and conversational payment solutions Hello! UPI and BillPay Connect.
The organisation recently asked banks and payment applications to deactivate all UPI IDs and numbers by the end of this year that have not been active for the past year.
According to the NPCI, to maintain security and safety in the realm of digital payments via UPI, customers should regularly review and verify their information within the banking system. This is essential to ensure a safe and secure transactional experience.
The post UPI Transactions Cross 11 Bn Mark For Second Month In A Row In November appeared first on Inc42 Media.
