The Unified Payments Interface (UPI) recorded 803 Cr transactions worth INR 12.98 Lakh Cr ($157.85 Bn) in January 2023, maintaining the momentum established toward the end of last year. According to data from the National Payments Corporation of India (NPCI), the value of payments made via the Unified Payments Interface (UPI) reached Rs 13 lakh crore in January (NPCI).
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12.82 lakh crore worth of transactions were recorded in December of the previous year. In January, 385 banks in total were active on UPI, up from 382 in December. Data from NPCI show that the value of UPI transactions increased by 1.3% in January 2023 compared to INR 12.82 Lakh Cr in December 2022.
The number of UPI transactions increased by 2.6 percent month over month (MoM), reaching 782 crore in December 2022. The number of UPI transactions increased by 74% year on year (YoY) from 461 Cr in January 2022. While transaction value increased by 52% from INR 8.31 lakh cr the previous month.
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The rate of UPI growth has significantly slowed down over the last few quarters. The payments network last experienced double-digit growth in any metric in March 2022. When transaction value increased by 16% and by 20%, respectively. According to experts in the field, a slowdown in the growth of UPI transaction value count. It is a sign that the ecosystem for digital payments is maturing, Which is something to be encouraged by. However, the UPI ecosystem might just experience a revival as a result of the impending credit card linkage.
