UPI Achieves Record-Breaking Performance in May 2023: 941 Crore Transactions Worth Over Rs 14.3 Lakh Crores
In a remarkable feat, India’s indigenous Unified Payment Interface (UPI) system reached unprecedented heights in May 2023, as revealed by the data released by the National Payments Corporation of India (NPCI). The month witnessed a staggering 9.41 billion (941 crore) UPI transactions, amounting to a total value of Rs 14.3 lakh crores.
Comparing these figures to April 2023, which recorded 8.9 billion (890 crore) transactions worth Rs 14.07 lakh crores, May 2023 showcased a notable 6 percent increase in volume and a 2 percent increase in value on a month-on-month basis.
The year-on-year growth is even more remarkable, with May 2023’s transaction volume skyrocketing by 58 percent compared to May 2022, when 5.95 billion (595 crore) transactions were registered.
Furthermore, FASTag transactions also witnessed substantial growth in May. The volume of transactions surged by 10 percent, reaching 335 million (35.5 crore) transactions, as compared to 305 million (30.5 crore) transactions in April. In terms of value, FASTag transactions amounted to Rs 5,437 crore in May, reflecting a 6 percent increase from the Rs 5,149 crore recorded in April.
| Month | UPI Transactions (in billions) | UPI Transaction Value (in Rs. lakh crores) | FASTag Transactions (in millions) | FASTag Transaction Value (in Rs. crore) |
|---|---|---|---|---|
| May 2023 | 9.41 | 14.3 | 335 | 5,437 |
| April 2023 | 8.9 | 14.07 | 305 | 5,149 |
The table above presents the data on UPI and FASTag transactions in May 2023 and April 2023. It showcases the volume of transactions and their corresponding values for both payment systems during the specified months.
Overall, the soaring performance of UPI and FASTag transactions in May 2023 underscores the increasing reliance and trust placed in digital payment systems in India. The exponential growth in transaction volumes and values signifies the growing acceptance and convenience of these platforms, revolutionizing the way financial transactions are conducted across the country.
