India's digital payments ecosystem continued its rapid expansion in May, with UPI transactions rising 24% year-on-year to 23.20 billion and transaction value reaching Rs 29.90 lakh crore. NPCI data showed steady monthly growth, while UPI's presence expanded across multiple countries. The platform has recorded a remarkable 12,000-fold increase in transaction volume over the past decade.
Mumbai: India's digital payments ecosystem witnessed continued growth, with Unified Payments Interface (UPI) transaction volumes rising 24 per cent year-on-year to 23.20 billion and transaction value nearing the Rs 30 lakh crore mark in May, according to data released by the National Payments Corporation of India (NPCI) on Monday.
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According to NPCI, UPI transaction value stood at Rs 29.90 lakh crore during the month. On a year-on-year basis, transaction value rose 19 per cent.
On an average basis, UPI processed around 748 million transactions daily in May, with average daily transaction value standing at about Rs 96,465 crore.
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