The National Payments Corporation of India (NPCI) released its latest update on Unified Payments Interface (UPI) transactions for the month of May on Saturday (June 1), showcasing remarkable growth in both transaction volume and value.
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According to the NPCI, UPI transaction volume soared to 14.04 billion, marking a notable increase from the 13.30 billion transactions recorded in the previous month.
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In terms of transaction value, UPI transactions totalled ₹20.45 lakh crore in May, reflecting a rise from ₹19.64 lakh crore in April. The average daily transaction count on UPI reached 453 million, and the average daily transaction value stood at ₹65,966 crore.
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Unified Payments Interface or UPI, developed by National Payments Corporation of India (NPCI), has been a runaway success and is already operational in some countries, including Singapore and the UAE. UPI is an instant real-time payment system developed by NPCI that facilitates inter-bank transactions.
