The UPI ecosystem in India continues to grow as, according to NPCI’s latest data, UPI has processed over 8 billion transactions worth Rs 12.99 lakh crore in the first month of 2023.
However, the growth rate was slow compared to the period between November and December 2022, where UPI was growing at a rate of 5-6% on a monthly basis.
Last month, the Unified Payments Interface (UPI) network saw a record of Rs 803.68 crore transactions, an increase from Rs 782.94 crore in December 2022.
The number of UPI transactions has grown by 74% from Rs 461 crore in January 2022, and the transaction value has risen by 52% from Rs 8.31 lakh crore in January of the previous year.
In 2022, NPCI witnessed Rs 125,92,816 crore worth of transactions processed through its payment system ‘UPI’. Notably, PhonePe and Google Pay collectively held 85% market share in overall transaction value.
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