UPI ends 2023 with record transactions worth ₹18-lakh crore, up 42% y-o-y

In December, UPI transactions soared by an impressive 42% year-on-year, reaching an astounding value of Rs 18 lakh crore. The transaction volume witnessed a substantial 54% rise, totaling 1,202 crore. Remarkably, the month-on-month growth in UPI transaction volume was a substantial 7%.

Average Daily UPI Transactions

Despite missing the targeted 100 crore daily transactions set by NPCI earlier in the year, UPI still achieved an impressive average of 40 crore daily transactions in December.
This signifies a remarkable stride in digital payments adoption.

Fastag Transactions on the Rise

Fastag transactions experienced notable growth, with a volume of 34.8 crore in December, marking a 13% YoY increase.
The value of these transactions also saw a substantial uptick, rising by 19% to Rs 5,861 crore compared to the same period last year.
Furthermore, this figure is 10% higher than the recorded Rs 5,539 crore in November 2023.

Christmas Vacation Boosts Fastag Usage

The surge in Fastag transactions during December is attributed to the record-breaking numbers of Indians hitting the roads for Christmas vacations.
The transaction count specifically saw an 8% increase, highlighting the growing reliance on digital toll payments.

Questions Related to Exams

What was the year-on-year growth in UPI transaction value and volume in December?
How does the month-on-month growth in UPI transaction volume compare to the previous month?

Please Try to Answer in the Comment Section!!