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Unified Payments Interface (UPI) ने दिसंबर 2023 में 100 Billion Transactions का आंकड़ा पार किया, Registers Remarkable Growth.

In a significant milestone for digital payments in India, the Unified Payments Interface (UPI) platform exceeded the 100 billion transactions mark in December 2023, marking a substantial 60% growth from the 74 billion transactions recorded in 2022. This remarkable achievement is based on data released by the National Payments Corporation of India (NPCI), showcasing the rapid adoption and popularity of UPI in the country.

The total value of UPI transactions for the year 2023 amounted to approximately ₹182 lakh crore, reflecting a substantial 44% increase from the ₹126 lakh crore recorded in the previous year. This surge underscores the growing reliance on digital transactions and the pivotal role played by UPI in facilitating seamless and secure payments across the nation.

The monthly transaction amount for December 2023 reached ₹18.23 lakh crore, marking a robust 54% increase compared to the corresponding data for 2022. This surge in transaction volume can be attributed to the user-friendly interface of UPI and its consistent availability, making it a preferred choice for millions of users.

The Reserve Bank of India (RBI) has been actively involved in enhancing the security and fairness of the UPI ecosystem. Their proactive measures have contributed to building trust among users, fostering the widespread adoption of digital payments. The central bank's commitment to ensuring the integrity of the UPI platform has played a pivotal role in its success story.

In another noteworthy development, the National Payments Corporation of India (NPCI) announced the upcoming launch of an Application Supported by Blocked Amount (ASBA) facility in the secondary market. This facility, set to begin its beta phase next week for the equity cash segment, is expected to further streamline and enhance the UPI experience for users, especially in the financial markets.

Apart from UPI, the Immediate Payment Service (IMPS) also experienced growth in December 2023, with a 6% increase in transactions totaling 499 million. The total value of IMPS transactions saw a notable 7% surge, reaching ₹5.7 trillion. This reaffirms the comprehensive growth and acceptance of various digital payment modes in the country.

The remarkable success of UPI and other digital payment channels underscores India's accelerating transition towards a cashless and digitally-driven economy. As the nation continues to embrace innovative financial technologies, the landscape of digital payments is poised for further evolution in the coming years.