UPI Transactions See 33% YoY Growth in Volume and 20% Surge in Value in February
The Unified Payments Interface (UPI) has shown remarkable growth in February, with a 33% year-on-year (YoY) increase in transaction volume, reaching 16.11 billion transactions, according to data from the National Payments Corporation of India (NPCI).
The Unified Payments Interface (UPI) has shown remarkable growth in February, with a 33% year-on-year (YoY) increase in transaction volume, reaching 16.11 billion transactions, according to data from the National Payments Corporation of India (NPCI).
The total transaction value also saw a notable rise of 20% YoY, amounting to Rs 21.96 lakh crore for the month.
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Increased Daily UPI Transactions and Value
In February, the average daily UPI transactions rose to 575 million, up from 548 million in January. This boost in transaction volume also led to an increase in daily transaction value, which climbed to Rs 78,446 crore compared to Rs 75,743 crore in the previous month.
Record Growth in FY 2023-24
For the fiscal year 2023-24, UPI has seen an extraordinary performance, surpassing 131 billion transactions and over Rs 200 lakh crore in total transaction value.
UPI continues to be a driving force in India’s digital payment ecosystem, accounting for 80% of the country’s retail payments. Its rapid adoption can be attributed to its ease of use, as well as the growing number of banks and fintech platforms participating in the network.
IMPS, FASTag, and AePS Transactions Also Show Strong Growth
In addition to UPI, other digital payment systems also reported robust growth. Immediate Payment Service (IMPS) transactions reached 405 million, with a transaction value of Rs 5.63 crore.
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FASTag transactions grew by 19% YoY, reaching 384 million, with a total value of Rs 6,601 crore. Meanwhile, Aadhaar Enabled Payment System (AePS) transactions saw a 14% YoY increase, totaling 94 million transactions.
Global Expansion of UPI
UPI’s influence is expanding beyond India’s borders. The platform is now operational in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, enabling Indians traveling abroad to make seamless international payments.
As of January 2024, more than 80 UPI apps, including bank apps and third-party application providers, and 641 banks are part of the UPI ecosystem.
