UPI-based transaction touched Rs 17.4 lakh crore in December 2023: RBI Bulletin

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UPI-based transactions touched a total value of Rs 17.4 lakh crore in December 2023, according to the monthly bulletin of the Reserve Bank of India.

The RBI Bulletin is a monthly publication that offers insights into the developments in domestic and global economies but doesn’t represent the views of the central bank.

"Merchant transactions on the UPI platform, however, recorded a 74 percent jump (YoY), totalling over 6.5 billion transactions," said the RBI bulletin.

The December 2023 RBI bulletin added that digital transactions posted robust growth in November 2023 across major payment systems.

"E-commerce order volumes surged by 37 percent (YoY) due to festival sales and more than 50 percent of the total sales in the year occurred through online platforms, "it said.

RBI on December 8 increased the unified payments interface (UPI) transaction limit for education and healthcare facilities to Rs 5 lakh. “We propose to increase the UPI transaction limit for education and healthcare facilities to Rs 5 lakh,” RBI Governor Shaktikanta Das said in his MPC statement. Earlier, the transaction limit was Rs 1 lakh.