The Unified Payments Interface (UPI) transactions have soared to 8,375 crore in FY 2022-23 from a modest 92 crore in FY 2017-18, the Indian government said on Monday (December 18). This exceptional growth reflects a remarkable compound annual growth rate (CAGR) of 147% in terms of volume.
Equally impressive is the growth in the value of UPI transactions, which has escalated from Rs 1 lakh crore in FY 2017-18 to ₹139 lakh crore in FY 2022-23, reflecting a robust CAGR of 168%. The government reports that UPI has already achieved 8,572 crore transactions in the current financial year, up until December 11, 2023.
Further, UPI has been the major driving force in the overall growth of digital payment transactions in the country, accounting for 62% of digital payment transactions in FY 2022-23. The year-on-year growth in the value of bank notes in circulation has decreased from 9.9% in FY 2021-22 to 7.8% in FY 2022-23.
According to data issued by the National Payments Corporation of India (NPCI) on December 1, the UPI recorded 11.24 billion transactions in November, reaching a transaction value of ₹17.40 trillion.
Despite a marginal decrease in volume by 1.5% to 11.24 billion transactions compared to October, the transaction value witnessed a 1.4% increase from October's ₹17.16 trillion.
NPCI data revealed that the November figures were 54% higher in volume and 46% higher in value compared to the same period last year. The Immediate Payment Service (IMPS) transaction volume experienced a 4% decline to 472 million in November, with a marginal decrease in value to ₹5.35 trillion, compared to ₹5.38 trillion in October.
FASTag transactions showed a marginal increase to 321 million in November from 320 million in October. The value of FASTag transactions in November stood at ₹5,303 crore, reflecting a 4% decline from ₹5,539 crore in October.
Aadhaar Enabled Payment System (AePS) grew 10% in terms of transactions to 110 million and 14% in terms of value to ₹29,640 crore in November, compared to October's 100 million transactions and ₹25,973 crore value. In September 2023, this was 101 million and ₹25,984 crore, respectively.
