UPI payment value dips 2% from Oct

Mumbai: UPI transactions in November 2022 rose to 730.9 crore, up 74% from November 2021 but were only slightly higher than 730.5 in the previous month. However, in value terms, UPI payments recorded a marginal decline.

According to NPCI data, the value of UPI transactions in November stood at Rs 11,90,593, which is a 1.7% decline from the peak of Rs 12,11,582 crore seen in October. Compared to the year-ago period, the growth in value terms was 55%.

Bankers said the reason for higher transactions in October could be festival shopping as both Dussehra and Diwali fell on October in 2022. The festival season is characterised by festive shopping and discount sales by retailers.