Upi: UPI transactions crossed high of Rs 14 lakh crore in March – Times of India

MUMBAI: Transactions underneath the Unified Fee Interface (UPI) crossed a brand new report of Rs 14 lakh crore in March 2023. The quantity of transactions has additionally hit a brand new excessive of 865 crores through the month.
The worth of UPI transactions throughout March 2023 is 13% increased than the Rs 12.35 crore in February 2023. In quantity, they’re 18% increased than 728 crores in February 2023. In comparison with March 2022, the transactions are 60% increased in quantity and 45% extra by way of worth of transactions.
“March being the final month of the fiscal, all digital transactions see a peak,” mentioned Dilip Asbe, MD & CEO, NPCI. Transactions leap as UPI is used for all funds, whether or not investments, small ticket purchases or on-line funds.
February 2023 noticed a decline in transactions in comparison with January. Month on month, the worth of transactions in February was down 4.8%, whereas the quantity of transactions had dropped 6.3% after hitting a brand new excessive in January 2023.
In response to NPCI, there have been 49.7 crore IMPS transactions in March 2023 for a price of 5.5 lakh crore, whereas the Fastag volumes have been 30 crores for Rs 5067 crore. A 12 months in the past, in March 2022, there have been 49 crore IMPS transactions for Rs 4.6 lakh crore and 27 crores Fastag transactions for Rs 4095 crore.