Payments transactions via the UPI (Unified Payments Interface) network surged 7.7 per cent on-month to high of ₹12.8-lakh crore in December against a drop of 1.7 per cent in November.

The volume of transactions, too, rose by a sharp 7.1 per cent to ₹783 crore during the month, according to data by NPCI (National Payments Corporation of India).

As a result, the UPI network ended 2022 with a growth of 90 per cent in the volume of transactions and a 76 per cent rise in the value of transactions over the year-ago period. The network processed around 7,404 crore transactions worth ₹126-lakh crore compared with 3,800 crore transactions worth ₹72-lakh crore in 2021.

For FY23 so far, the network has seen 5,949 crore transactions worth ₹99.8-lakh crore. In comparison, UPI had processed 4,597 crore transactions amounting to ₹84-lakh crore in FY22.

The value of UPI transactions has been consistently increasing on month, barring a small dip in November as heightened spending during the festival season started normalising. However, volumes continued to rise, albeit marginally, reflecting that network adoption and transactions continue to grow. NPCI aims to achieve a billion transactions per day on the UPI network over the next 3-5 years.

AePS down

On the other hand, data by NPCI showed that transactions via the AePS (Aadhar-enabled payments service) platform fell to ₹25,972 crore in December from ₹26,058 crore in the previous month, and also lower than ₹31,113 crore registered in October.

In terms of volume, the number of AePS transactions fell to a multi-month low of 9.5 crore from 9.6 crore in November and 11.8 crore in October.

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