UPI monthly payments reaches to 900 crore mark

UPI transactions crossed the 900-crore mark for the first time in May 2023. According to NPCI data, transactions in May stood at 941 crores, a year-on-year growth of 58%. UPI transactions were up 5.8% higher than 890 crores in April 2023. In value terms, transactions for May stood at Rs. 14.9 lakh crore – a 43% increase year on year and a 5.8% increase over Rs.14-lakh-crore payments in April 2023.

Meanwhile, Fastag transactions rose to 33.5 crore (worth Rs 5,437 crore), an increase of 17% in volume and 24% in value terms over May 2022. The transaction count was nearly 10% higher than the 30.5 crore transaction in April 2023. This also reflects the increased highway traffic during the holidays.