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UPI transactions hit a new record of Rs 17.4 lakh crore in November 2023 and crossed the 11 billion volume number. Compared to the same in 2022, UPI transactions saw an increase of 54% in terms of the number of transactions and by 46% in terms of value.
However, volumes dipped marginally from 11.4 billion (1,141 crores) in October to 11.2 billion (1,124 crores) last month, reflecting the fewer days and the end of sales.In percentage terms, the value of transactions was 1.45 higher month over month, as per data by the National Payments Corporation of India (NPCI).
In October, the value of transactions rose 8.6% and the number of transactions by 8.1% riding a consumer spending wave, led by the festival season.
UPI’s ‘important deadline’
Meanwhile, NPCI has issued a circular asking banks about a deadline this December. The umbrella organisation for operating retail payments in India has told payment apps and banks to deactivate UPI IDs and numbers that have been inactive for over a year. The UPI apps include Google Pay, Paytm and PhonePe.
Why this is important
As per the Telecom Regulatory Authority of India (TRAI) directive, telecom companies can issue deactivated mobile numbers to a new subscriber after 90 days. However, some users do not get the number updated in the banking systems which may lead to inadvertent transfers.
Apart from getting their numbers updated with their banks, and checking phone numbers related to their UPI IDs that have not been inactive for over three months, those who use UPI must also ensure that their ID has not been left unused for more than a year.
However, volumes dipped marginally from 11.4 billion (1,141 crores) in October to 11.2 billion (1,124 crores) last month, reflecting the fewer days and the end of sales.In percentage terms, the value of transactions was 1.45 higher month over month, as per data by the National Payments Corporation of India (NPCI).
In October, the value of transactions rose 8.6% and the number of transactions by 8.1% riding a consumer spending wave, led by the festival season.
UPI’s ‘important deadline’
Meanwhile, NPCI has issued a circular asking banks about a deadline this December. The umbrella organisation for operating retail payments in India has told payment apps and banks to deactivate UPI IDs and numbers that have been inactive for over a year. The UPI apps include Google Pay, Paytm and PhonePe.
Why this is important
As per the Telecom Regulatory Authority of India (TRAI) directive, telecom companies can issue deactivated mobile numbers to a new subscriber after 90 days. However, some users do not get the number updated in the banking systems which may lead to inadvertent transfers.
Apart from getting their numbers updated with their banks, and checking phone numbers related to their UPI IDs that have not been inactive for over three months, those who use UPI must also ensure that their ID has not been left unused for more than a year.
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