UPI Transactions Reach Record ₹29.52 Trillion in March 2023

Original: UPI transactions scale all-time high of Rs 29.52 trillion in March

Business Standard•Apr 1, 20262 min

In a Nutshell

In March 2023, Unified Payments Interface (UPI) transactions surged to an all-time high of ₹29.52 trillion, marking a 10% increase from February. The total volume also rose by 11% to 22.64 billion transactions, reflecting growing demand in India's digital payment ecosystem.

Key Points

01UPI transactions hit a record value of ₹29.52 trillion in March 2023.
02Transaction volume increased to 22.64 billion, up by 11% from February.
03The financial year 2025-26 saw a 21% rise in UPI value compared to FY25.
04Daily UPI transactions rose to 730.36 million, a 24% increase year-on-year.
05Aadhaar Enabled Payment System (AePS) transactions also grew significantly, up by 23%.

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Full Summary

Unified Payments Interface (UPI) transactions in India reached a record ₹29.52 trillion in March 2023, reflecting a 10% growth from ₹26.84 trillion in February. The volume of transactions also rose by 11%, totaling 22.64 billion, the highest since UPI's launch in April 2016, according to the National Payments Corporation of India (NPCI). For the financial year 2025-26, UPI transaction value increased by 21% to ₹314.23 trillion, while volume surged by 30% to 241.616 billion. Daily transactions in March averaged 730.36 million, a 24% increase compared to the previous fiscal year. Anand Kumar Bajaj, CEO of PayNearby, emphasized the importance of security, innovation, and integration in the digital payment ecosystem. Other payment systems also showed growth, with Immediate Payment Service (IMPS) transactions up by 9% in volume and 15% in value, while Aadhaar Enabled Payment System (AePS) transactions rose by 23%.

Key Figures

₹29.52 trillion

Total value of UPI transactions in March 2023

22.64 billion

Total volume of UPI transactions in March 2023

21%

Increase in UPI transaction value for FY2025-26

730.36 million

Average daily UPI transactions in March 2023

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Why It Matters

The surge in UPI transactions indicates a growing reliance on digital payments in India, which could lead to increased convenience for consumers and businesses alike.

Who is affected

Consumers using digital payment systems, businesses accepting UPI payments.

What to know

Businesses should consider integrating UPI payment options to cater to the increasing number of digital transactions.

FAQ

The total value of UPI transactions in March 2023 was ₹29.52 trillion.

UPI transaction volume increased by 11% to 22.64 billion transactions in March 2023.

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