The Unified Payments Interface (UPI), India’s flagship digital payment platform, set a new record at the end of the fiscal year 2022-23. In March 2023, the UPI processed a historic high of 8.7 billion transactions, worth Rs 14.05 trillion. This achievement marks yet another milestone for the UPI since its inception.
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As per the National Payments Corporation of India’s (NPCI) data, UPI transactions in March 2023 witnessed a 60% increase in volume and a 46% increase in value compared to the same period in the previous year. In March 2022, the UPI had processed 5.4 billion transactions worth Rs 9.6 trillion.
Since its launch with 21 banks in 2016, the Unified Payments Interface (UPI) ecosystem has grown to encompass 381 banks, facilitating billions of digital transactions every month.
The participants in India’s digital payments ecosystem, as per the National Payments Corporation of India (NPCI), include payers and payees, payment service providers (PSPs), remitter and beneficiary banks, NPCI, bank account holders, and merchants.
In this value chain, the apps used to conduct UPI transactions, like Google Pay or PhonePe, are referred to as third-party app providers (TPAPs), while banks are called PSPs and typically serve as both remitters and beneficiaries in most transactions. TPAPs cannot directly access the UPI network and require PSPs to establish connections and enable transactions.
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