Record! Number Of UPI Transactions Surge To All Time High Mark Of 782 Crore In December 2022
The number of UPI transactions in December 2022 hit an all time high of 782 crore, which led to the total value of these transactions also hitting a new high at Rs 12. 8 lakh crore. UPI was launched in 2016, i.e. the year of demonetization.
The number of transactions on the popular Unified Payments Interface (UPI) platform ended 2022 on a high note by registering record numbers in December.
Number Of UPI Transactions Hits All Time High
The number of UPI transactions in December 2022 hit an all-time high of 782 crore, which led to the total value of these transactions also hitting a new high at Rs 12. 8 lakh crore. UPI was launched in 2016, i.e. the year of demonetization.
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When compared to November 2022¡¯s figures of 730 crore, there was a 7% growth in the total number of transactions. Even the total value grew 8% in December vs November¡¯s Rs 11.9 lakh crore.
"UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth Rs 12.82 trillion," the Department of Financial Services said in a tweet on Monday.
UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion.
¡ª DFS (@DFS_India) January 2, 2023
Building #DigitalIndia. pic.twitter.com/P6MCiPlVd4
Besides Department of Financial Services, NPCI tweeted the all time high figures
India's PM Narendra Modi tweeted about this historic feat and lauded fellow Indians for embracing digital payments.
I like how you¡¯ve brought out the rising popularity of UPI. I laud my fellow Indians for embracing digital payments! They¡¯ve shown remarkable adaptability to tech and innovation. https://t.co/fSqR8NIufj
¡ª Narendra Modi (@narendramodi) January 2, 2023
With UPI, make fast, safe, and simple digital payments in moments.#UPI #DigitalPayments@GoI_MeitY @_DigitalIndia@DFS_India @dilipasbe pic.twitter.com/ghd3ft0JVg
¡ª NPCI (@NPCI_NPCI) January 1, 2023
Also Read: Finance Ministry Refutes Plans To Levy Charges On UPI Transactions
Numbers Prove The Rising Popularity of UPI
Year-on-year, the number and value of UPI transactions were up 71% and 55%, respectively.
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Similarly, the December figures were also higher than that of October, when the total number of transactions had stood at 730 crore, i.e. the first time ever it crossed 700 crore - totalling to a value of Rs 12.11 lakh crore, as per ET report.
The surge in transactions in October was mainly due to the festivals of Navratri and Diwali along with lucrative offers and sales announced by online retailers.
In total, the UPI platform saw 7,404 crore transactions for Rs 125 lakh crore in 2022.
Also Read: RBI Proposes Linking Credit Cards To UPI
UPI Increasingly Being Adopted Overseas
Ever since UPI was launched in India in the year 2016, it has become a popular platform for people to make payments, and has been no less than a revolution. But the success of UPI has not been limited to India. Many other countries around the world have been gradually adopting India¡¯s UPI as payment system.
From Bhutan, Nepal, Oman, UAE, France, Malaysia, to the UK, many countries have adopted or are closing in on adopting UPI for payments. You can click here to check the list of countries using India¡¯s UPI.
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