Mumbai: Transactions through Unified Payments Interface (UPI) are poised to cross $171 billion by the end of the year, registering a growth of 45 per cent in the current year. The 45 percent increase in transactions through UPI, despite last year’s high levels, is significant.
According to the National Payments Corporation of India (NPCI), transactions worth US$117 billion are expected to be completed through the UPI platform in 2023. Total payments through this platform have crossed Rs 245 lakh crore in the current year, compared to total transactions of Rs 183 lakh crore in 2023, showing a growth of 34 per cent.
The use of UPI has seen a huge increase in recent years due to the increase in online payment methods.
Crossing 16 billion transactions worth Rs 2.2 lakh crore on an average monthly basis in 2024. Shopping for the festive season in the country is being done extensively online.
UPI platform is used in 85 percent of total digital payments in the country. UPI is currently becoming the easiest platform for real time payments. The attraction of digital payments remains intact during the Corona period and purchases in cash seem to be decreasing.
