Impressive Growth of UPI Transactions in November

Milestone of 11 Billion UPI Transactions Crossed Again

News: For the second consecutive month, the number of UPI transactions in November surpassed the 11 billion mark, marking a significant milestone.

Significant Increase in Transaction Volume

Despite a marginal decrease in value compared to October, with transactions totaling 1,141 crore rupees, there was still a notable 54% increase when compared to November 2022’s figure of 730.95 crore rupees.

Growth in Transaction Volume

In November 2023, the total transaction value amounted to 17.40 lakh crore rupees, slightly surpassing October’s figure of 17.16 lakh crore rupees. This signifies a substantial growth in transaction volume, showing a 46% increase compared to the previous month’s volume of 11.90 lakh crore rupees.

Consistently Surpassing INR 17 Lakh Crore Mark

For the second consecutive month, the transaction volume of UPI has consistently exceeded the INR 17 lakh crore mark. In the months of July, August, and September, the transaction volume also surpassed INR 15 lakh crore.

Impressive Performance by PhonePe

In October, PhonePe achieved an impressive milestone with 5.33 billion transactions. The major players in the UPI ecosystem, namely Google Pay, Paytm, and PhonePe, collectively contributed to over 90% of the total transactions.

NPCI’s Ambitious Target

The National Payments Corporation of India (NPCI) has set an ambitious goal of achieving 100 billion monthly transactions by the end of 2022. In an effort to enhance the security and safety of digital payments, NPCI has urged banks and payment apps to deactivate any inactive UPI IDs and numbers by the conclusion of this year.

Contribution of UPI in November

As per a report, UPI accounted for almost 47% of the total transaction volume in November. Google Pay claimed the second position with a total transaction value of Rs 5.13 billion, while Paytm secured the third spot with Rs 1.41 trillion in total transactions.

Expansion Plans of UPI

UPI is set to broaden its footprint in various countries, including France, Sri Lanka, the UAE, Bhutan, Nepal, and Singapore. Additionally, the National Payments Corporation of India (NPCI) has issued directives to third-party UPI apps, instructing them to deactivate any UPI IDs or numbers that have been inactive for more than one year.

In summary, the UPI transactions in November exhibited consistent growth, surpassing the 11 billion mark for the second consecutive month. Despite a slight decline in value compared to October, the transaction volume has notably increased. The key players in the UPI ecosystem include Google Pay, Paytm, and PhonePe. The NPCI has set an ambitious target of achieving 100 billion monthly transactions by the end of 2022 and has taken measures to enhance the security of digital payments by deactivating inactive UPI IDs and numbers. UPI’s strategic plans for expansion into various countries underscore its growing significance in the global digital payments landscape.

FAQs

Q: What goal has NPCI established for monthly UPI transactions?

A: NPCI aims to achieve 100 billion monthly transactions by the conclusion of 2022.

Q: Who are the primary influencers in the UPI ecosystem?

A: Google Pay, Paytm, and PhonePe are the leading influencers in the UPI ecosystem, contributing to over 90% of the total transactions.

Q: To which nations does UPI intend to extend its reach?

A: UPI has intentions to extend its presence to various countries, such as France, Sri Lanka, the UAE, Bhutan, Nepal, and Singapore.