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UPI Payments in May 2023: The National Payments Corporation of India (NPCI) said on Thursday that transactions through the Unified Payments Interface (UPI) have reached 9 billion in May this year. The umbrella body for operating the retail payment and settlement system in the country has given this information on its Twitter handle.
According to the information of NPCI, more than 9 billion transactions have happened with UPI. NPCI said that make easy payments through UPI from mobile. Rs 14.89 lakh crore has been exchanged in a transaction of Rs 9.41 billion. At the same time, according to the data presented during April, Rs 14.07 lakh crore has been transferred in a transaction of 8.89 billion.
Over 1 billion transactions per day through UPI
At the same time, during March, a transaction of 8.68 billion was done through UPI and an amount of Rs 14.10 lakh crore was transferred. In the last three months, transactions worth more than Rs 14 lakh crore have been done through UPI. A PwC India report states that UPI transactions are expected to reach 1 billion per day by 2026-7, of which retail payments will account for 90 per cent.
Transactions will go up to 379 billion by 2026-27
At the same time, another report of “The Indian Payments Handbook – 2022-27” states that during 2022-23, the share of UPI in the total transaction volume in the retail segment was about 75 percent. It is further stated that Indian digital payments have seen a steady growth at a CAGR of 50 per cent. In such a situation, it is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23. It has been said that by 2027 there will be a record transaction of $ 1 billion every day, which will increase from 83.71 billion transactions to 379 billion transactions by 2026-27.
Credit card volume will increase
It has been said in the report that since credit cards have been linked to UPI, more credit card transactions are being done than debit cards. It is expected that by the financial year 2024-25, the volume of transactions in credit cards will be more than debit cards. The report states that the issuance of credit cards is expected to grow at a CAGR of 21 per cent over the next five years. Whereas the debit card is expected to remain stable at 3 per cent.
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