The value of UPI transactions has seen a considerable rise, from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23, marking a CAGR of 168%.
With more and more people using the Unified Payments Interface (UPI) to make payments, the Reserve Bank of India (RBI) announced various user-friendly measures during the year 2023. Here is a look at some of the important changes made to UPI during the year.
Bank of Baroda announced that it has implemented UPI LITE - Small Value on Device Wallet. Bank of Baroda also piloted the UPI LITE X during the Global Fintech Fest 2023 on September 6, 2023.
Razorpay launched UPI AutoPay on QR at the Global Fintech Fest 2023 for subscription-based businesses. It partnered with the National Payments Corporation of India (NPCI) to streamline and simplify the challenges associated with such businesses. Know more about it.