Digital payments platform Unified Payments Interface (UPI), recorded 5.58 billon transactions in April 2022, a new all-time high for the payment’s platform since its inception, data from the National Payments Corporation of India (NPCI) revealed. In value terms, the payments platform saw transactions worth Rs 9.83 trillion.
UPI had logged 5.4 billion transactions worth Rs 9.6 trillion in March 2022. On a month-on-month basis, UPI recorded a 3.33 percent jump in volume of transactions and 2.36 per cent increase in value of transactions.
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And, on a year–on–year (YoY) basis, the volume of transactions jumped 111 percent and the value of transactions also recorded a near 100 per cent jump. UPI processed 2.64 billion transactions worth Rs 4.93 trillion in April 2021.
Since its inception in 2016, UPI has witnessed massive acceptance, which has been spurred by the outbreak of COVID-19 pandemic.
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The UPI had breached the $1-trillion mark in transaction values in the financial year 2021-22. This is considered as a major milestone for the payments system.
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NPCI, the umbrella entity that handles UPI, RuPay, Bharat Bill Pay etc, is aiming for UPI transactions worth $1 billion per day in the next 2-3 years.
NPCI has two key tasks—enabling UPI on feature phones and in offline mode for smartphones. UPI 123Pay for feature phones is being tested, while NPCI has issued a circular on how UPI Lite will work in offline mode.
