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UPI payments new record 17.4 lakh crore rupees Transactions value in November 2023

UPI payments new record 17.4 lakh crore rupees Transactions value in November 2023
Written by Manoj Kadam
UPI payments new record 17.4 lakh crore rupees Transactions value in November 2023

UPI payments new record 17.4 lakh crore rupees Transactions value in November 2023

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UPI transactions new record: UPI transactions are continuously increasing in the country. It has made a new record in November. National Payments Corporation of India (NPCI) data showed that last month, in November 2023, UPI transactions set a new record of Rs 17.4 lakh crore. Also crossed the number of 11 billion volumes. If compared to the month of November last year, UPI transactions have increased by 54%, while its value has seen an increase of 46%.

The reason for this increase in UPI transactions is being attributed to the festive season. First in October and then in November, people made huge purchases, due to which there was a surge in UPI transactions. NPCI data shows that in January this year, UPI transactions were at Rs 12 lakh crore, which increased to Rs 14 lakh crore in March. In July it crossed the figure of Rs 15 lakh crore and in November it reached the record level of Rs 17.4 lakh crore.

Talking about other news related to online payment, to prevent fraud in this, the government is preparing to bring some rules regarding first transaction between two people. Now a minimum limit is being fixed for the first time transaction between two people. If the new rules are issued, then the first time transaction of more than Rs 2,000 between two people may be delayed by 4 hours.

That means, if you send more than Rs 2,000 to someone for the first time, the payment will reach within 4 hours. This will cause problems to those doing digital transactions. Digital payments may decline, but officials feel it is important to reduce cyber fraud.

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Manoj Kadam

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