As per the data released by the National Payments Corporation of India (NPCI), the volume of Unified Payment Interface (UPI) transactions in the country increased by 57% and the value by 44% in the financial year 2023–24 (FY24) as compared to FY 2022–23.
The number of transactions, which was 8,400 cr in FY 2022–23, crossed the 10,000 cr mark for the first time as the financial year ended and reached 13,100 cr.
In terms of value, UPI transactions reached a record-breaking ₹199.89 lakh cr this financial year, as compared to ₹139.1 lakh cr in FY 2022–23.
In March this year, the current financial year’s last month, the volume of transactions increased by 55% to ₹1,344 cr and the value increased by 40% to ₹19.78 lakh cr.
The average transaction size has been steadily increasing, indicating that UPI is being used for even small-ticket items.