UPI Transactions Cross 100-Bn Mark in 2023; a 60% Growth From 2022 The total value of transactions in 2023 stood at approx INR 182 lakh crore, a 44% increase since 2022

By S Shanthi

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Transactions through the unified payments interface (UPI) platform crossed the 100 billion-mark in 2023 to around 118 billion transactions through the year, according to the data shared by the National Payments Corporation of India (NPCI).

While this marks a 60% growth as compared to 74 billion UPI transactions in 2022, the total value of transactions in 2023 stood at approximately INR 182 lakh crore, a 44% increase compared to INR 126 lakh crore in 2022.

Furthermore, in August 2023, UPI crossed 10 billion transactions a month for the first time and continued to do so in the following months. In December, it touched the 12 billion transactions mark with a cumulative value of INR 18.23 lakh crore.

This is a remarkable growth and is truly encouraging for deepening financing opportunities across the country, say fintech experts. "This milestone represents more than just numerical progress; it stands as a pivotal step toward advancing financial inclusivity in India. The convenience of digitally managing loan repayments not only streamlines financial processes but also aligns seamlessly with the Digital India initiative, embodying the ethos of 'Power to Empower' for citizens. As we gaze into the future, the continued evolution of digital payments holds exciting possibilities. UPI's upward trajectory, poised to surpass global benchmarks, mirrors the nation's growing appetite for technological solutions. Anticipating further innovations, we envision a redefined financial landscape that brings about increased accessibility and efficiency," said Sameer Aggarwal, CEO and founder, Revfin.

Additionally, the total value of UPI transactions in 2023 was INR 182 lakh crore, meaning a by 44 % as compared to Rs 126 lakh crore in 2022. "It brings immense joy to witness UPI achieving the remarkable milestone of 100 billion transactions in 2023, showcasing an impressive 60% growth from the previous year. This achievement underscores the growing confidence and widespread acceptance of UPI as a preferred digital payment mode in India.

The outstanding performance of UPI emphasizes its speed, reliability, and the trust it has garnered among users," said Sandeep Agrawal, director and co-founder, Teamlease Regtech

The pilot launch of UPI was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai and banks started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards. In FY 2022, PhonePe held 46 % share of UPI usage in India, followed by Google Pay with 34 %. UPI has revolutionized the way we make payments. "UPI has been the torchbearer of innovation and progress in the country's financial maturity. The growth in UPI transactions is just one of the indicators of the transformation that has come about in India's financial sector through digital payments and banking. Another reason why UPI is a godsend is because it provides a large trail of transactions that are priceless for lenders looking to make credit decisions - especially for borrowers that don't have a formal credit history. These digital footprints help lenders piece a picture together that helps assess creditworthiness and enables small-ticket 'sachet' loans which then help people graduate up to more complex and larger credit products," said Anant Deshpande, co-founder and COO, FinBox.

To give a further boost to UPI, the Reserve Bank of India (RBI) announced several changes to rules and regulations around it in 2023, most of which came out into effect from January 1.

New rules for UPI transactions: A snapshot

  • Deactivation of Inactive UPIs: NPCI has announced payment apps like Paytm, Google Pay, PhonePe, and banks to disable the UPI IDs and numbers that have been inactive for more than a year.
  • Increased Transaction Limits: NPCI has also set a new maximum daily payment limit of INR 1 lakh for UPI transactions. And, the Reserve Bank of India (RBI) on December 8 increased the UPI transaction limit for education and healthcare facilities to INR 5 lakh.
  • UPI ATM: RBI will soon introduce UPI ATMs nationwide, with which users can scan a QR code to withdraw cash directly from their bank accounts.
S Shanthi

Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 


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