Record 9 Bn Transactions Worth Rs 14 Lakh Cr In May For UPI

The Unified Payments Interface (UPI) seems to have become a preferred mode for payments now. In May 2023, the number of monthly UPI transactions rose over 58 per cent year-on-year, making it the highest volume and value ever recorded.

As per the available official data, over nine billion transactions were made, amounting to over Rs 14 lakh crore. In comparison to last year, the monthly transaction value for the same period climbed by 43 per cent.

It may be noted here that India's Unified Payments Interface (UPI) has emerged as a trusted payment mode since it was launched in 2016 and has now become one of the globally accepted payment systems. 

Additionally, according to the data, India's domestic payment system handled over 83 billion transactions worth Rs 139 lakh crore in fiscal 2023. This has increased from 38 billion transactions worth Rs 84 lakh crore during the fiscal year 2022.

The government made UPI available to visitors to India in February so they could conduct business there. UPI payments can initially only be made by visitors from G-20 nations and only by individuals flying into specific airports.

In the past six years, there has been a massive jump in UPI transactions. 

Non-Resident Indians (NRIs) in ten countries can use UPI services without relying on their India phone number for transactions. Singapore, the US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, the UAE, and the UK are the nations.