In November, UPI transactions crossed 11 billion for the second month in a row, with a slight increase in value. NPCI reported that UPI transactions in November were marginally lower than October at Rs 1141 Cr, but were up 54% compared to Rs 730.95 Cr in November 2022. In November 2023, transactions were worth Rs 17.40 lakh Cr , slightly higher than the Rs 17.16 lakh Cr recorded in October. Year-on-year, the transaction volume increased by 46% compared to the previous month’s volume of Rs 11.90 lakh Cr.
UPI transactions cross 11 billion
This is the second consecutive month that UPI transaction volume has crossed the INR 17 lakh crore mark. Transaction volume was above INR 15 lakh crore in July, August and September. UPI crossed the 10 billion transaction mark for the first time in August and has since continued to post over 10 billion transactions. In October, PhonePe, a digital payment platform, reached a new milestone of 5.33 billion transactions. This is the first time that PhonePe has crossed 5 billion transactions through UPI in October. Although NPCI has not released the detailed statistics for November yet, the UPI ecosystem continues to dominate in the month of October 2023. Google Pay, Paytm and PhonePe continued to dominate the UPI ecosystem.
All three UPI applications account for more than 90% of transactions on the payment network. National Payments Corporation of India (NPCI) has set a target of 100 billion monthly transactions by the end of 2022. NPCI recently asked banks and payment apps to deactivate all UPI ID numbers and numbers that have been inactive for the past one year by the end of the year. NPCI believes that in order to ensure the security of digital payments through UPI, users must regularly review and confirm their details within the banking system to ensure a safe and secure transaction experience.
According to Entrackr’s report last month, UPI contributed nearly 47% of the total transaction volume for November. Google Pay is in second place with 5.13 billion rupees in total transactions in November. Paytm is in third place with 1.41 trillion rupees in total transactions. Still waiting for the monthly review for November. UPI entered France earlier this year and plans to open offices in Sri Lanka, the UAE and Bhutan, as well as Nepal and Singapore. Recently, the National Payments Corporation of India (NPCI) ordered third-party UPI apps like Google Pay and Paytm, as well as PhonePe, among others, to deactivate all UPI IDs or numbers that have been inactive for more than a year. NPCI has already raised the cap to 30% market capitalization for these third-party UPI players for the two years ending December 31, 2024.
Categories: Trends
Source: HIS Education