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

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

Please Try to Answer in the Comment Section!!