UPI transactions cross 11 Billion for second month in November
In November, UPI transactions crossed 11 billion for the second month in a row, with a slight increase in value. The NPCI reported that UPI transactions in November were slightly lower than October’s at 1,141 Cr rupees, but up by 54% compared to November 2022’s 730.95 Cr rupees. In November 2023, transactions were worth 17.40 lakh Cr rupees, slightly higher than the 17.16 lakh Cr rupees recorded in October. Year on year, the transaction volume increased by 46% compared to the previous month’s volume of 11.90 lakh Cr rupees.
UPI Transactions Cross 11 Billion
This is the second consecutive month that the transaction volume of UPI crossed the limit of INR 17 lakh crore. The transaction volume was above INR 15 lakh crore in July, August, and September. UPI crossed the threshold of 10 billion transactions for the first time in August and has continued to post over 10 billion transactions ever since. In October, PhonePe, a digital payments platform, achieved a new milestone of 5.33 billion transactions. This is the first time PhonePe has crossed 5 billion transactions via UPI in October. While the NPCI has not released detailed statistics for November yet, the UPI ecosystem continues to dominate the month of October 2023. Google Pay, Paytm, and PhonePe continued to dominate the UPI ecosystem.
All three UPI apps account for over 90% of the transactions on the payment network. The National Payments Corporation of India (NPCI) has set a target of 100 billion monthly transactions by the end of 2022. The NPCI recently requested banks and payment apps to deactivate all the UPI ID numbers and numbers that have been inactive for the past year by the end of the year. The NPCI believes that to ensure the security and safety of digital payments through UPI, customers need to regularly review and validate their data within the banking system to ensure a secure and safe transactional experience.
According to a report by Entrackr last month, UPI contributed to almost 47% of total transaction volume for November. Google Pay was in second place with Rs 5.13 billion in total transactions in November. Paytm was in third place with Rs 1.41 trillion in total transactions. The monthly breakdown for November is still awaited. UPI entered France earlier this year and plans to open offices in Sri Lanka, the UAE, and Bhutan, as well as in Nepal and Singapore. In recent times, the National Payments Corporation of India (NPCI) has directed third-party UPI apps such as Google Pay and Paytm, as well as PhonePe, among others, to deactivate any UPI IDs or numbers that have been inactive for more than one year. NPCI has already raised the limit to 30% of the market cap for these third-party UPI players for two years ending on 31 December 2024.
