Question
What is the total value of transactions processed by the
UPI platform in November, setting a new record and surpassing the previous month's figures?Solution
UPI transaction value hits new high at ₹17.4 lakh crore in November • UPI platform processes transactions worth ₹17.40 lakh crore, a new record surpassing October's ₹17.16 lakh crore. • According to NPCI data, Transaction value increases by 1.4% month-on-month and 46% year-on-year. • Number of UPI transactions falls slightly by 1.5% to 1,124 crore from the previous month but increases by 54% on a yearly basis. • Year-on-year growth in UPI transactions remains over 40% for the value of transactions and above 50% for the volume of UPI trades in FY24. •In FY23, UPI processed 8,376 crore transactions worth ₹139 lakh crore, compared to 4,597 crore transactions worth ₹84 lakh crore in FY22. • UPI transactions projected to exceed 100 crore per day by FY27, dominating the retail digital payments landscape. Learn Along: About UPI • UPI, or Unified Payments Interface, is a digital payments system that allows users to transfer money between bank accounts instantly. •Launched in India in 2017, UPI has since gained tremendous popularity and is now used by millions of people for fast and convenient money transfers. • UPI is operated by NPCI (National Payments Corporation of India) and is linked to various bank accounts, credit/debit cards, and digital wallets. • With UPI, users can make payments for goods and services, pay bills, and transfer money to friends and family members.
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