In another record month, India’s leading digital payment platform, the Unified Payments Interface (UPI), achieved over Rs 10 trillion in transactions in May, a new all-time high since the introduction of the platform in 2016. Even the 5.95 billion transactions made on the platform in May set a new milestone for the payment platform.
Despite a high base, trading volume increased by 6.63% and trade value increased by 5.91% month-over-month. UPI processed 5.58 billion transactions worth Rs 9.83 trillion in April. Compared year over year, UPI transactions have more than doubled in volume and value, illustrating the dramatic rise of the digital payment platform over the years.
UPI processed over 46 billion transactions worth over Rs 84.17 trillion in FY22, breaking the $1 trillion barrier. It also processed 22.28 billion transactions worth Rs 41.03 trillion in FY21. Within a year, the volume and value of transactions had doubled.
According to experts, the Covid-19 outbreak has accelerated the country’s use of digital payments over the past two years. With the exception of a few hiccups during the first two waves of the pandemic, UPI transactions have been on an upward trend, matching the broader economic recovery.
The payment platform now aspires to execute one billion transactions every day on its platform. While this milestone can be achieved in ten years effortlessly, the National Payments Corporation of India (NPCI), the country’s apex organization for digital payments, hopes to achieve it within the next three to five years due to organic growth. the volume of transactions processed.
To cross the milestone of one billion transactions per day over the next 3 to 5 years, NPCI would use the three “zero” techniques: zero contact (no contact), zero time (this must be faster than cash) and zero cost to the customer.
(With agency contributions)
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