UPI transactions limit raised to ₹10,000 for 123Pay, ₹5,000 for UPI Lite
UPI 123Pay transaction limits increase from ₹5,000 to ₹10,000, UPI Lite wallet limit rises from ₹2,000 to ₹5,000
UPI 123Pay transaction limits increase from ₹5,000 to ₹10,000, UPI Lite wallet limit rises from ₹2,000 to ₹5,000
In July, the average daily transaction volume increased to 465 million, while the daily transaction value fell to ₹66,590 crore from ₹66,903 crore in June
UPI transactions had hit a historic high in May as volume surged 49% YoY to 14.4 billion while value hit ₹20.45 lakh crore, up 37% YoY
Value of mobile wallet transactions in India reached ₹208.25 lakh cr in 2023, with a CAGR of 72.1% between 2019 and 2023
RBI also allows UPI access for prepaid payment instruments via third-party applications
Dip attributed to changing payment system, including the emergence of UPI, wallets & QR code, which has made it simple and cheaper to transfer money digitally
India Finance Report 2023 by CAFRAL under the RBI shows how UPI has changed the digital payments landscape in India
UPI transaction value increased from ₹8.3 lakh crore in January 2022 to ₹14.7 lakh crore in June 2023.
Driven by the growth of credit on the platform, UPI is targeting 2 billion transactions a day which pegs the growth opportunity in merchants and users at more than 3 times
UPI transactions see 61% year-on-year growth in volume terms, while 47% YoY growth in terms of the transaction amount