India's UPI transaction hits record 9 billion transactions worth Rs 14 lakh crore in May

The Unified Payment Interface in India has hit a record 9 billion transactions worth Rs 14.3 lakh crore in May this year. In a data released by the National Payments Corporation of India (NPCI) said that in the last 10 days of May Rs 3.96 lakh crore of money was transacted using UPI.

The NPCI took to twitter and tweeted, “It's 9 Billion+ transactions in May`23! Make seamless payments from your mobile in real-time with UPI". As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%. Compared to April, the transaction value has risen by 2% and the volume has increased by 6%.

Earlier, a PwC report stated that the UPI transactions will likely reach 1 billion per day by 2026-27 and will account for 90% of the retail digital payments in the country. This rise in transaction comes at a time, when the government is looking to bring in tax collection across various segments under digital payment.