Economic Survey 2023: UPI Accounted For Over Half Of All Digital Transactions In FY22
UPI touched its highest-ever total transaction value in FY22, with Rs 12.8 lakh crore flowing through the network.
Of the 8,840 crore digital transactions that occurred in India during FY22, 52% flowed through the Unified Payments Interface, according to the Economic Survey for FY23.
On average, between 2019 and 2022, growth in UPI-based transactions in value and volume terms has been 121% and 115%, respectively, the survey highlighted. According to it, in FY22, 782 crore transactions worth Rs 12.8 lakh crore went through UPI, which was the most ever.
The total number of banks that are part of the real-time payment system increased from 35 in December 2017, to more than 380 in December 2022, the survey noted. UPI has also processed 2,922 crore contactless merchant transactions with a total value of over Rs 21.7 lakh crore in FY23, as of December 2022.
Buoyed by the domestic success of UPI, the National Payments Corp. of India—UPI's governing body—has also been pushing for international acceptance of RuPay debit cards and UPI-powered apps. "Initiative towards the discussion on cross-border remittances will help reduce the cost incurred and procedures involved towards money transfer at present by the migrant workers."
Other nations have also displayed an inclination toward establishing a real-time payment system or domestic card scheme—like RuPay—following the success of UPI and other NPCI products, according to the survey.
"It is envisioned that the journey of UPI will help accelerate the process of financial inclusion and digital adoption in India," it said.