According to NPCI data, the UPI network processed over 590 million transactions daily on average, with a total transaction value of approximately Rs 79,910 crore per day. Compared to last year, UPI transactions in March reached a staggering Rs 24.77 lakh crore.
Unified Payments Interface (UPI) transactions in India are consistently scaling new heights as it set yet another record in the month of March. According to the latest data released by the National Payments Corporation of India (NPCI), the transaction value through UPI surged to an all-time high of Rs 24.77 lakh crore in March, marking a growth of 12.7% compared to the previous month’s Rs 21.96 lakh crore,
As per NPCI, the transaction value of Rs 24.77 lakh crore in March this year reflects a 25% jump from Rs 19.78 lakh crore recorded in the same month last year. Spice Money Founder & CEO Dilip Modi stated that the record-breaking figure represents a phenomenal 25% growth in value and a 36% increase in transaction volume over the previous year.
Daily transaction volume on the rise
Modi further highlighted that the average daily UPI transactions stood at Rs 79,903 crore in March—1.9% higher than in February, along with a 2.6% increase in transaction volume. These impressive numbers shows the rapid adoption of digital financial solutions and the growing trust in the UPI ecosystem, he added.
NPCI, an umbrella organisation operating India’s retail payment and settlement systems, is an initiative by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). It powers the Unified Payments Interface (UPI), facilitating real-time payments between individuals and merchants during purchases.
Government’s push for low-value transactions
In a further boost to the UPI ecosystem, the Union Cabinet has approved an incentive scheme worth approximately Rs 1,500 crore for promoting BHIM-UPI transactions below Rs 2,000 for the financial year 2024-25. The government will bear the Merchant Discount Rate (MDR) charges on payments below Rs 2,000 made to merchants, a step aimed at benefiting the common people and small shopkeepers.
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