In the bygone month of December, the Unified Payments Interface (UPI) experienced an impressive surge, with transaction values soaring by a staggering 42% Year over Year (YoY) to reach a substantial INR 18.23 Lakh Cr. Simultaneously, the transaction volume displayed a robust uptick of 54%, culminating in an impressive 1,202 Cr transactions, as reported by the National Payments Corporation of India (NPCI).

The payment infrastructure left an indelible mark, registering an astonishing 12.02 Bn transactions with a cumulative worth of INR 18.23 Tn.

November of the preceding year saw UPI notching up 1,124 Cr transactions, surpassing the 11 Bn milestone for the second consecutive month. Although this figure slightly dipped from October’s 1,141 Cr, it marked a substantial 54% surge compared to the 730.95 Cr transactions recorded in November 2022 by the payments network.

It is worth noting that NPCI has yet to release detailed data for the month of December.

In the UPI ecosystem of October 2023, digital payment juggernauts PhonePe, Google Pay, and Paytm maintained their unwavering dominance, collectively accounting for over 90% of all transactions on the payments network.

With an ambitious vision, NPCI has set its sights on achieving 100 Bn monthly transactions. To achieve this, the organization unveiled various UPI innovations at the Global Fintech Fest 2023. These innovations encompass credit line access, NFC-based offline payment alternatives like UPI LITE X and Tap & Pay, alongside conversational payment solutions like Hello! UPI and BillPay Connect.

In a groundbreaking move last year, the Reserve Bank of India (RBI) granted scheduled commercial banks the authority to extend credit lines to their clientele through the UPI.

On an international scale, UPI has transcended borders, reaching numerous countries, including France, Bhutan, Nepal, UAE, and Canada. Presently, discussions are underway between India and New Zealand, as well as various South American and African nations, to introduce the UPI framework on a global scale.

In a recent development, NPCI unveiled an Application Supported by Blocked Amount (ASBA)-like facility in the secondary market starting from January 1. The Unified Payments Interface (UPI) for the secondary market is poised to enter its beta phase for the equity cash segment shortly.

This groundbreaking facility empowers investors to reserve funds in their bank accounts explicitly for secondary market trading, eliminating the need for upfront fund transfers to the trading member. The implementation will unfold by seamlessly integrating the UPI mandate service, featuring a single block and multiple debits, with the secondary market trading.

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