India's homegrown payments system, UPI, crossed the milestone of nine billion monthly transactions in May.
Unified Payments Interface recorded a total of 9.41 billion (941 crore) transactions during the month, according to data released by National Payments Corporation of India. The overall value of these digital transactions stood at Rs 14.3 lakh crore, up 37% from a year earlier.
The overall volume of transactions also registered a growth of 58% year-on-year up from 5.95 billion (595 crore) in May 2022.
In April, UPI processed a total of 3.86 billion (386 crore) person-to-person or P2P payments as opposed to 5.02 billion (503 crore) person-to-merchant transactions.
While transactions made to merchants had a higher volume in April, the value at Rs 10.85 lakh crore exceeded payments worth Rs 3.21 lakh crore made to merchants during the month.
The payments system processed a total of 83 billion (8,300 crore) transactions in FY23, amounting to a total value of Rs 139 lakh crore.
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