UPI (Unified Payments Interface) transactions surpassed the 100 billion mark in 2023. The exact figures were close to around 118 billion, accounting for 60 percent growth as compared to 2022. In 2022, UPI transactions reached the 74 billion mark.
As for the total value, UPI transaction value in 2023 was around Rs 182 lakh crore, an increase of 44 percent as compared to Rs 126 lakh crore in 2022. In the month of December, UPI transactions crossed the 10 billion mark, with an exact figure of 12 billion and the transaction value for the month was 18.23 lakh crore.
UPI transactions each day in December were over 387 million, as per the NPCI (National Payments Corporation of India).
In other news about UPI, the NPCI announced the launch of “UPI for Secondary Market”. Its beta phase for the equity cash segment began on January 1. The actual program will begin next week with collaborative support from key stakeholders including clearing corporations, UPI app providers, stockbrokers, stock exchanges, banks, and depositories.
The functionality will be available for a limited set of pilot customers, as per NPCI. In the pilot phase, investors are allowed to block funds in their bank accounts which will be debited by Clearing Corporations after the trade confirmation during settlement.
Yesterday, HDFC Bank announced its ‘UPI for secondary market’ facility in stock trading. This came after SEBI and stock exchanges permitted trading in the cash segment through a block mechanism on an optional basis.
— Written with inputs from IANSGet latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.
Author Name | Pranav Sawant