In December last year, the Unified Payments Interface (UPI) recorded a substantial surge, totaling ₹18.23 lakh crore in transaction value, marking a remarkable 54% increase compared to the data from 2022.
The volume of transactions also soared, reaching 12.02 billion, showcasing a 42% rise compared to the previous year's figures.
Earlier, the transaction volume peaked at ₹17.40 lakh crore in November and ₹17.16 lakh crore in October, reflecting the consistent upward trajectory in UPI transactions.
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Inactive UPI IDs
However, there's a significant development in store for inactive UPI IDs. Starting January 1, 2024, any UPI ID that remains inactive for a year will be disabled. This action follows a circular issued by the National Payments Corporation of India (NPCI) on November 7, 2023.
Affected customers have the option to re-register their UPI apps to reactivate their IDs, allowing them to resume making payments and non-financial transactions using their UPI PINs.