UPI transactions reach Rs. 17.4 lakh crore this December
Reserve Bank of India (RBI) has disclosed in its monthly bulletin that transactions via Unified Payments Interface (UPI) reached Rs. 17.4 lakh crore in December 2023. This report, which delves into both domestic and global economic trends, also revealed a 74% year-on-year (YoY) increase in merchant transactions on the UPI platform. This amounts to over 6.5 billion transactions. It's important to note that the RBI bulletin does not represent the central bank's official stance.
Digital transactions and e-commerce sales surge
In December, the RBI bulletin emphasized the strong growth of digital transactions across major payment systems in November 2023. E-commerce order volumes saw a 37% YoY boost due to festival sales, with online platforms accounting for more than half of the total sales for the year. This surge in digital transactions and e-commerce sales underscores the growing dependence on online platforms for various purchases and payments.
RBI increases UPI transaction limit for education and healthcare
On December 8, the RBI raised the UPI transaction limit for healthcare and education facilities to Rs. 5 lakh. RBI Governor Shaktikanta Das announced this change in his Monetary Policy Committee statement, saying, "We propose to increase the UPI transaction limit for education and healthcare facilities to Rs. 5 lakh." Previously, the transaction limit for these sectors was set at Rs. 1 lakh.
