Unified Payments Interface (UPI) has become India’s single largest retail payment system in terms of transaction volumes. In December 2021, about 4.6 billion transactions were executed using the UPI platform worth more than Rs 8.26 lakh crore.
As per the National Payments Corporation of India (NPCI), more than half of these UPI transactions were less than Rs 200. Replacing cash low-value transactions was one of the objectives of implementing UPI.
As per NPCI data, in June 2022, The transaction value under UPI digital payments stood at Rs 10,14,384 crore; it has dipped by 2.6% from the last month. Also, in June, UPI-enabled transactions remained above the Rs 10 lakh crore mark for the second month in a row.
The UPI-led transactions in June 2022 corresponded to about 5.86 billion transactions. The UPI transactions In May 2022 were valued at about Rs 10,41,506 crore, comprising a total of 5.95 billion transactions. In April 2022, the UPI transactions were valued at Rs about 9,83,302 crore with a total of 5.58 billion transactions.
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Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.