UPI trades at record high in May, breach 900 crore monthly transactions

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Transactions made on the UPI (Unified Payments Interface) network, reached a record high of INR 14.89 crore in May, also crossing the Rs 900 crore mark in the month.

UPI transactions were up 6 percent month over month, both in value and volumes. A total of Rs 941 crore was processed during the month, according to data from the National Payments Corporation of India (NPCI).

The number of deals increased by 58% year-on-year, and the value of transactions increased by 43% compared to May 2022.

“Transactions worth around INR 3.96 lakh crore took place in the last 10 days of May. This spike in UPI transactions highlights the growing preference and demand for online and contactless payments among consumers,” said Anoop Nayar, CEO – In-Solutions Global to aggregate local payments.

technological infrastructure

He added that ecosystem players should focus on strengthening their technology infrastructure, providing a seamless user experience, and enhancing the benefits of UPI transactions.

While the number of transactions has been rising steadily, except for the shorter month of February, in terms of transaction value, the previous rise was seen in March when the network saw transactions worth Rs 14.10 crore.

In FY23, the UPI platform processed a total of Rs.8,376 crore aggregated at Rs.139,000 crores, compared to Rs.4,597 crore of Rs.84 crore in FY22.

UPI-led digital retail payments grew at a compound annual growth rate (CAGR) of 50 percent in volume and 27 percent in value, between 2016-17 and 2021-2022, RBI recently said in its 2022 annual report- 23.