Unified Payment Interface (UPI) transactions for the month of March 2023 stood at 8.65 billion with a total value of Rs 14,04,950.59 Crores, according to the data provided by the National Payments Corporation of India (NPCI). The total number and value of transactions rose by 10.5 percent and 9.5 percent as compared to December 2022, when 7.82 billion UPI transactions worth Rs 12,82,055 Crores were processed. Key highlights from the data: 1. Year-on-year growth: March 2023 saw 3.2 billion more transactions with 60 percent more values as compared to the same period in 2022. In March 2022, 5.4 billion UPI transactions worth Rs 9,60,581.66 Crores were recorded. [caption id="attachment_182456" align="aligncenter" width="799"] Data source: National Payments Corporation of India[/caption] 2. A dip in February: As per the NPCI data, a total volume of 8.03 billion transactions was recorded in the month of January. The number dropped by six percent in February with 7.5 billion transactions. The month of March, however, witnessed a 13.6 percent growth in the volume of transactions with Rs 1,69,104.01 Crores more value as compared to February. The NPCI website shows that there was an “unscheduled downtime” for UPI in the month of February for 77 minutes. It can be suggested that this may also have resulted in a dip. [caption id="attachment_182454" align="aligncenter" width="600"] Data source: National Payments Corporation of India[/caption] 3. Size of daily transactions: Around 2.79 billion transactions worth Rs 45,320 Crores were carried out on average in a day in March 2023. Whereas, in January…
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