Record-breaking UPI Transactions Exceed ₹18.4 Lakh Crore in January 2024

• 03 Feb 2024

UPI transactions for January reached a staggering ₹18.41 lakh crore, a nearly 1% increase compared to the previous record of ₹18.23 lakh crore in December 2023.

Key Points

• January Transaction Spends: The value of transactions experienced a remarkable 42% year-on-year growth, as reported by the National Payments Corporation of India (NPCI).
• Consistent Growth Trend: Throughout 2023 and the current fiscal year, UPI transactions have consistently demonstrated over 40% year-on-year growth in terms of transaction value and over 50% growth in transaction volume.
• FY23 and FY24 Performance: In FY23, UPI processed 8,376 crore transactions, totaling ₹139 lakh crore. In 2023 alone, over 11,765 UPI transactions amounting to ₹182.25 lakh crore were processed, marking a 59% increase in volume and a 45% increase in value compared to 2022.
• Drivers of Growth: Factors contributing to the surge in UPI transactions include shifting consumer behaviour away from traditional cash transactions, enhanced convenience through value-added features, increased digital adoption by merchants using third-party payment applications, and a rising share of person-to-merchant (P2M) transactions.
• Future Projections: A PwC India report projects UPI to dominate the retail digital payments landscape, constituting 90% of total transaction volumes over the next five years, with expectations to surpass 100 crore transactions per day by FY27.