In a first, 900 crore UPI monthly payments

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.