UPI Sees 33% YoY Growth in Transaction Volume for February; Value Rises 20%
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Synopsis
The unified payments interface (UPI) has registered a notable 33% year-on-year growth in transaction volume in February, amounting to 16.11 billion. The transaction value also rose by 20% to Rs 21.96 lakh crore, reflecting the ongoing expansion of digital payments in India.
Key Takeaways
- 33% YoY growth in UPI transaction volume in February.
- Transaction value increased by 20% to Rs 21.96 lakh crore.
- Average daily transactions reached 575 million.
- UPI accounts for 80% of India's retail payments.
- UPI is operational in over 7 countries.
New Delhi, March 1 (NationPress) The unified payments interface (UPI) transactions demonstrated a remarkable 33% year-on-year increase in transaction volume for February, reaching 16.11 billion, according to data released by the National Payments Corporation of India (NPCI) on Saturday.
The value of UPI transactions also experienced a significant boost of 20% year-on-year, amounting to Rs 21.96 lakh crore last month.
During February, daily transactions averaged 575 million, up from 548 million in January. This led to an increase in the daily transaction value to Rs 78,446 crore, surpassing the Rs 75,743 crore recorded in January, as per NPCI data.
For the financial year 2023-24, the total transaction volume surpassed 131 billion with a total value exceeding Rs 200 lakh crore.
The landscape of digital payments has shown exceptional growth, with UPI being a fundamental component of India's digital payment ecosystem, accounting for 80% of retail payments nationwide.
In addition, transactions via the Immediate Payment Service (IMPS) reached 405 million, totaling Rs 5.63 crore in value.
As per NPCI data, FASTag transactions rose by 19% year-on-year in February, hitting 384 million, with the transaction value increasing by 18% to Rs 6,601 crore.
Furthermore, Aadhaar Enabled Payment System (AePS) transactions increased by 14% year-on-year, reaching 94 million.
The UPI platform's user-friendly design, paired with a growing network of participating banks and fintech platforms, has established it as the go-to method for real-time payments among millions across the nation.
As of January, over 80 UPI apps (including bank applications and third-party providers) and 641 banks are operational within the UPI ecosystem, according to the latest government data.
UPI is also making strides on a global scale, facilitating seamless cross-border transactions for Indians traveling abroad. Currently, UPI is functional in more than 7 countries, including significant markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, enabling Indians to make international payments.
