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Business News/ Money / Personal Finance/  UPI transactions hit a new record with 18.23 lakh crore in Dec; 54% higher

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher

UPI transactions continue to rise and total monthly transaction amount touched ₹18.23 lakh crore, 54 percent year-on-year higher than Dec 2022.

It is noteworthy that the transaction amount had hit ₹17.40 lakh crore in November and ₹17.16 lakh crore in OctoberPremium
It is noteworthy that the transaction amount had hit 17.40 lakh crore in November and 17.16 lakh crore in October

The volume of UPI (Unified Payments Interface) transactions continues to rise month after month as the total monthly transaction amount touched 18.23 lakh crore in Dec last year, 54 percent higher than the corresponding data of 2022.

In terms of the number of transactions, the figure reached 12.02 billion, witnessing 42 percent higher than the previous year figure.

It is noteworthy that the transaction amount had hit 17.40 lakh crore in November and 17.16 lakh crore in October.

Also, the number of UPI transactions hit 11.24 billion in November and 11.41 billion in October.

Month               Transaction amount ( lakh crore) No of transactions
Oct                                                                        17.1611.41 billion
Nov                                                                           17.4011.24 billion
Dec                                                                  18.2312.02 billion

Slew of steps taken

It is vital to note that the popularity of UPI is the outcome of several steps taken by the government in the recent past, making these transactions seamless and convenient.

For instance, PFRDA recently enabled consumers to deposit their NPS contributions through the UPI QR code directly under the Direct-Remittance (D-Remit) process.

Additionally, RBI in September last year launched a slew of payment options on UPI including conversational transactions.

One of the products is ‘Hello! UPI’ that will enable users to make voice-enabled UPI payments via apps, telecom calls, and IoT devices in Hindi and English.

NPCI said the credit line on the UPI facility will enable customers to access pre-sanctioned credit from banks via UPI.

Separately, users will be able to send and receive money offline using the other product, LITE X product. 

Also, UPI members will be able to go live with the UPI Tap and Pay functionality by January 31, 2024,

Inoperative UPI IDs

It is also noteworthy to mention here that any UPI ID which is inactive for one year stands to get disabled from Jan 1, 2024 onwards. The move is a follow-up action of the NPCI (National Payments Corporation of India) which issued a circular on Nov 7, 2023.

However, customers will be able to re-register their respective UPI apps and they can make payments, non-financial transactions using UPI PIN as needed.

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Published: 02 Jan 2024, 04:50 PM IST
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