Unified payment interface in the country (UPI) The transaction has broken all previous records. UPI transactions in the month of May (UPI Transaction) Rs. 10 lakh crore have been crossed. A total of 595 crore transactions were made on the UPI platform in May this year, amounting to Rs 10.41 lakh crore. According to data released by the National Payments Corporation of India, 558 crore was paid earlier in April 2022, amounting to Rs 9.83 lakh crore. The number of digital transactions is expected to cross 600 crore this month.
In December 2018, UPI transactions crossed Rs 1 lakh crore. The volume and value of payments is constantly increasing. NPCI has set a target of 100 crore transactions per day for the next three to five years.
The number of digital transactions has increased rapidly
May also saw steady growth in other digital payments as the economy opened up. The instant payment service achieved 48.48 crore transactions in May. If we look at the record of the last two years, the Corona epidemic has accelerated digital payments and people are increasingly trusting the UPI payment app. People’s interest in UPI apps like Paytm, Google Pay, Phone has increased and people’s inclination towards cash has decreased. In FY2022, UPI processed 46 billion transactions, amounting to Rs 84.17 trillion or Rs 84.17 lakh crore. With this, UPI crossed the 1 lakh crore mark.
Let me tell you that UPI payments are considered the fastest and most secure. You can transfer funds from any UPI payment app. You can use your mobile phone for this. If you have an app like Google Pay, PhonePe, Amazon Pay or Paytm in your phone, you can easily do UPI transaction. For this you will need to create a UPI PIN. Earlier UPI was linked only with bank account, but now this facility is also available through debit and credit cards. You can easily make a payment by linking the UPI app with a debit or credit card.
. Source