UPI Scales New Peak In May 2023 With 941 Crore Monthly Transactions Worth Over Rs 14.3 Lakh Crores

India's homegrown payment system Unified Payment Interface (UPI) transactions in May 2023 scaled a new milestone with 9.41 billion (941 crores) transactions and Rs 14.3 lakh crores in terms of value, according to data made available by National Payments Corporation of India (NPCI). 

Given the number of UPI transactions in April 2023 was 8.9 billion (890 crore) and Rs 14.07 lakh crore in value terms, the May 2023 figures represents a 6 per cent rise in volume and 2 per cent in value on a month-on-month basis.

The number of transactions in May 2023 is a 58% year-on-year In May 2022 when 5.95 billion (595 crore) transactions were recorded.

FASTag transactions in May saw a 10 per cent rise in volume terms from 305 million(30.5 crores) in April to 335 million (35.5 crores) in May. In value terms, this increased by 6 per cent to Rs 5,437 crore in May compared to Rs 5,149 in April.