India's homegrown payments system, UPI, recorded its highest-ever number of transactions at 8.7 billion in March 2023.
The payment system processed 83 billion transactions over FY23, which amounted to a total value of Rs 139 lakh crore, according to NPCI data. March alone saw 8.7 billion transactions worth Rs 14.05 lakh crore conducted using UPI.
UPI recorded 45 billion transactions worth Rs 84 lakh crore during FY22, according to NPCI data.
In February, UPI executed person-to-person transactions worth Rs 9.56 lakh crore and person-to-merchant transactions worth Rs 2.79 lakh crore. Transactions to merchants exceeded person-to-person transactions in volume in February, with 3.3 billion P2P transactions and 4.1 billion P2M transactions being processed during the month.
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The NPCI announced in March that UPI transactions made via prepaid instruments—such as wallets or cards—will carry an interchange fee of 1.1% for payments made to merchants starting April 1. The fee will not be applicable to person-to-person transactions or person-to-merchant transactions between a bank and the prepaid wallet.
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