UPI transactions in India soar: Highest ever transactions seen in December 2023

In December last year, the Unified Payments Interface (UPI) recorded a substantial surge, totaling ₹18.23 lakh crore in transaction value, marking a remarkable 54% increase compared to the data from 2022.

The volume of transactions also soared, reaching 12.02 billion, showcasing a 42% rise compared to the previous year's figures.

Earlier, the transaction volume peaked at ₹17.40 lakh crore in November and ₹17.16 lakh crore in October, reflecting the consistent upward trajectory in UPI transactions.

Also read/watch - Income tax filings reach a record high of 8.18 crore by December 31st

Inactive UPI IDs

However, there's a significant development in store for inactive UPI IDs. Starting January 1, 2024, any UPI ID that remains inactive for a year will be disabled. This action follows a circular issued by the National Payments Corporation of India (NPCI) on November 7, 2023.

Affected customers have the option to re-register their UPI apps to reactivate their IDs, allowing them to resume making payments and non-financial transactions using their UPI PINs.