UPI transactions skyrocket; surpasses 100 billion mark in 2023 with 60% growth
Transactions via the unified payments interface (UPI) platform surpassed the 100 billion mark in 2023 to close at around 118 billion, representing 60 percent growth as compared to 74 billion transactions recorded in 2022.
The total value of UPI transactions in 2023 stood at around Rs.182 lakh crore, up by 44 percent as compared to Rs.126 lakh crore in 2022, according to data shared by the National Payments Corporation of India (NPCI).
In December, UPI recorded 12 billion transactions, totalling Rs.18.23 lakh crore.
As per NPCI data, the number of UPI transactions each day in December was over 387 million.
Meanwhile, the NPCI has announced the launch of “UPI for Secondary Market” from January 1 in its Beta phase for the equity cash segment.
The launch of ‘UPI for Secondary Market’ is set to commence next week, with the collaborative support of key stakeholders including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers.
Initially, this functionality will be available for a limited set of pilot customers, the NPCI said in a statement.
During this pilot phase, investors can block funds in their bank accounts, which will only be debited by the Clearing Corporations upon trade confirmation during settlement.
[With Inputs from IANS]
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