In November, UPI transactions crossed 11 billion for the second consecutive month, with a slight increase in value. The NPCI reported that UPI transactions in November were slightly lower than October at Rs 1,141 Cr, but 54% higher than Rs 730.95 Cr in November 2022. In November 2023, transactions were worth Rs 17, 40 lakh Cr rupees, slightly higher than the 17.16 lakh Cr rupees recorded in October. Year-on-year, transaction volume increased by 46% compared to the previous month’s volume of Rs 11.90 lakh Cr.
UPI transactions cross 11 billion
This is the second consecutive month when UPI transaction volume crossed the INR 17 lakh crore limit. The transaction volume crossed Rs 15 crore in July, August and September. UPI crossed the 10 billion transaction threshold for the first time in August and has continued to record over 10 billion transactions since then. In October, PhonePe, a digital payments platform, reached a new milestone of 5.33 billion transactions. This is the first time that PhonePe has surpassed 5 billion transactions through UPI in October. While the NPCI is yet to release detailed statistics for November, the UPI ecosystem continues to dominate the month of October 2023. Google Pay, Paytm, and PhonePe continued to dominate the UPI ecosystem.
The three UPI apps account for more than 90% of 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 asked banks and payment apps to disable all UPI identification numbers and numbers that have been inactive for the last year. the end of the year. The NPCI believes that to ensure the security of digital payments through UPI, customers should regularly review and validate their data within the banking system to ensure a secure transactional experience.
According to a report by Entrackr last month, UPI contributed to nearly 47% of November’s total transaction volume. Google Pay ranked second with Rs 5.13 billion in total transactions in November. Paytm ranked third 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 United Arab Emirates and Bhutan, as well as 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 disable any UPI ID or number that has been inactive for more than a year. NPCI has already raised the limit to 30% of market capitalization for these third-party UPI players for two years ending December 31, 2024.
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Source: vtt.edu.vn