In October 2023, UPI transactions totaled Rs 17.16 lakh crore

National Payments Corporation of India (NPCI) has released these figures of the payment system. According to NPCI, the overall value of transactions in October 2023 was Rs 17.16 lakh crore. In September 2023, it was Rs 15.80 lakh crore. That means it has also increased by 8%.

Unified Payments Interface (UPI) recorded 1141 crore transactions in October 2023. This is 8% more than the 1056 crore transactions recorded in September. This is the third consecutive month when UPI transactions have crossed the thousand crore mark.

UPI transactions crossed Rs 1,000 crore for the third consecutive month in October

MonthNumber of UPI transactions (in crores)Value of UPI Transactions ( in lakh crores)
Credit: NPCI

How does UPI work?

How does UPI work

If you have his UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but also net banking, credit or debit card will not be required for utility bill payment, online shopping, shopping etc. You can do all these things through the Unified Payment Interface System.

For UPI service you have to create a virtual payment address. After this it will have to be linked to the bank account. After this there is no need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request according to your mobile number.

Special things related to UPI

  • For online shopping through UPI, OTP, CVV code, card number, expiry date etc. are not required.
  • UPI has been developed on the model of IMPS. Therefore, through UPI app you can do banking 24×7.
  • To send money to someone, you only need their mobile number, account number or UPI ID.
  • The UPI system transfers funds in real time. Multiple bank accounts can be linked in one application.

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