Mumbai: The UPI transactions reached a cumulative value of Rs 17.4 lakh crore in December 2023 according to the Reserve Bank of Indias monthly bulletin.
This bulletin provides information on events across domestic and global economies, although the perspectives presented in the bulletin do not necessarily reflect the official 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.
According to the December 2023 RBI bulletin, strong growth was observed in digital transactions across major payment systems in November 2023.
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.
On December 8, RBI raised 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.
