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Gyananjaya Behera
Helping an Idea to S...Ā ā¢Ā 1y
UPI Transactions Jump 5% MoM In May To 1,404 Cr Monthly Growth: UPI transactions rose 5% month-on-month in May to 14.04 billion, with transaction volume increasing 4.1% to INR 20.45 lakh crore. Yearly Growth: Year-on-year, transaction count surged 49%, and volume increased by 37%. UPI processed over 100 billion transactions last year. Global Adoption: India accounts for nearly 46% of global digital transactions. The volume of UPI transactions in 2023 reached 117.6 billion, a 60% increase from 2022. International Expansion: India has signed MoUs with 30 countries to expand UPI globally. Countries like Sri Lanka, Mauritius, and Canada have adopted the UPI model. New Features and Regulatory Changes: NPCI introduced UPI Lite for low-value transactions, UPI Lite X for offline transactions, and Hello! UPI for voice payments. The NPCI is also considering a lower interchange fee structure and revising the market share cap on UPI service providers.
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