UPI ends FY24 on a high note, transactions worth ₹199 lakh crore processed

Transactions worth ₹19.78 lakh crore were processed during March 2024, against the previous record of ₹18.41 lakh crore set in January [View in browser]( [See all newsletters]( 02 April 2024 UPI ends FY24 on a high note, transactions worth ₹199 lakh crore processed The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024. This was despite [transactions dipping slightly in February 2024]( to the fewer number of days in the month, and increased investment activity ahead of the financial year end. “March sees a lot of transactions closer to the daily limit of 1 lakh on UPI transactions since merchants, business owners and individuals square off transactions during the month. This translates into higher value and volume in March,” said Vivek Iyer, Partner, Grant Thornton Bharat. Transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the [previous record of ₹18.41 lakh crore set in January 2024](. The value of transactions was 40 per cent higher, compared to that in March 2023, according to data from the National Payments Corporation of India (NPCI). - Read more [UPI transaction limit for medical, educational services to be hiked to ₹5 lakh]( The number of transactions on the UPI network rose to 1,344 crore during the month, from the January peak of 1,220 crore transactions. On year, the volume of transactions was 55 per cent higher. On-year growth in UPI transactions remained over 40 per cent for the value of transactions, and above 50 per cent for volume of UPI trades in 2023 and FY24. In FY24, the UPI platform processed 13,115 transactions, aggregating to ₹199.29 lakh crore, compared with 8,376 crore transactions worth ₹139 lakh crore in FY23. During the year, the volume of transactions was up 56.6 per cent, whereas the value of transactions was 43.4 per cent higher. UPI transactions are expected to breach 100 crore transactions per day by FY27, according to a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of the total transaction volumes over the next five years. You Might Also Like [India’s defence exports skyrocket to ₹21,000 crore]( [Economy]( [India’s defence exports skyrocket to ₹21,000 crore]( [Iranian embassy in Syria flattened in suspected Israeli airstrike, top commander killed]( [World]( [Iranian embassy in Syria flattened in suspected Israeli airstrike, top commander killed]( [GST collection in March surges to ₹1.78-lakh crore]( [Economy]( [GST collection in March surges to ₹1.78-lakh crore]( [India Inc’s credit quality remained robust in FY24, say rating agencies]( [Companies]( [India Inc’s credit quality remained robust in FY24, say rating agencies]( Stay informed Subscribe to businessline to stay up-to-date with in-depth business news from India [arrow]( Copyright @ 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](