UPI transaction volume crosses 1,100 crore mark in October
Unified Payments Interface (UPI) has achieved a new milestone by surpassing 1,140 crore transactions in October, with the total transaction value exceeding Rs. 17.6 lakh crore. Data from the National Payments Corporation of India (NPCI), which manages the real-time payment system, reveals a 55% year-on-year (YoY) increase in transaction volume and a 42% growth in terms of value.
UPI's growth and future goals
In August, UPI broke the 1,000 crore transaction barrier and recorded 1,056 billion transactions in September. The Ministry of Electronics and IT (MeitY) shared on X (previously Twitter), "Over 11 billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with UPI." NPCI CEO Dilip Asbe has set an ambitious goal for UPI, aiming for 200 crore daily transactions by 2030, fueled by credit expansion on the platform and fintech participation.
AePS transaction volumes decline
While UPI transactions continue to grow, NPCI also released data on the Aadhar-enabled Payment System (AePS) volumes, which saw a decline. AePS monthly transaction volumes dropped by 15% YoY, reaching 10 crore in October, with the value amounting to Rs. 25,973 crore, a 17% decrease YoY. The AePS payment method enables all Aadhaar cardholders to conduct financial transactions using their unique identification number (UID) for cash deposits, fund transfers, and account balance inquiries.
