Economy is going cashless, UPI payment volume crosses 100 billion for the first time

Mumbai: In the financial year ending 2023-24, compared to the financial year 2022-23, Unified Payment Interface (UPI) transactions in the country increased by 57 per cent in volume and 44 per cent in value terms, according to the data received.

There were 84 billion transactions in the financial year 2022-23, which crossed 100 billion for the first time and reached 131 billion in the ending financial year. In value terms, FY 2023-24 has seen UPI transactions worth Rs 199.89 trillion, compared to Rs 139.10 trillion in FY 2022-23.

Even at the end of March, transaction volume increased by 55 percent to Rs 13.44 billion and value by 40 percent to Rs 19.78 trillion. The average transaction size is continuously decreasing which shows that UPI is being used even for small items.