Mumbai: The number of Unified Payments Interface (UPI) transactions fell by 1 percent (month-on-month) to 1,330 crore in April. It was at 1,344 crore in March. Data released by the National Payments Corporation of India (NPCI) revealed this.
However, on a year-on-year basis, the transaction count increased by 50 percent. The transaction volume in April was Rs 19.64 lakh crore, down from Rs 19.78 lakh crore in March. However, it soared 40 percent year-on-year.
In February, transaction count and volume were seen at 1,210 crore and Rs 18.28 lakh crore, respectively, while in January, it was 1,220 crore and Rs 18.41 lakh crore, respectively.
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In 2023, the number of UPI transactions increased by almost 60 percent (year-on-year) to a record 11,768 crore, while the total value of UPI transactions grew by over 40 percent (year-on-year) to Rs 182.84 lakh crore.
Besides India, there are a number of countries where UPI can be used which include Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan and Nepal. NPCI recently announced its partnership with Bank of Namibia to help them develop a UPI-like real time payment system in Namibia. This is the first-ever collaboration with a central bank to deploy UPI Stack in an international market.
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