Daily transactions via UPI rise by 50% to over 36 crore in past 12 months

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said that payments through UPI (Unified Payment Interface) had grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions were worth Rs 6.27 lakh crore, registering growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the RBI governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai on Monday.

He also said that the overall monthly digital payment transactions had crossed over Rs 1,000-crore mark each month during the past three months. 

“Our payment systems are talked about globally, and several countries have shown interest to replicate our success story. It is a matter of pride that our payment systems have witnessed over Rs 1,000-crore transactions every month since December 2022. This speaks volumes of the robustness of our payments ecosystem and acceptance by consumers. A recent pan-India digital payments survey (covering 90,000 respondents) revealed that 42 per cent of respondents have used digital payments,” Mr Das said. 

In terms of volume, the number of UPI transactions exceeded 800 crore in January 2023, while NEFT (National Electronic Funds Transfer) witnessed the highest-ever daily volume of 3.18 crore transactions on February 28. 

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