Mumbai: The payments through the Unified Payments Interface (UPI) touched a record high of in December. According to data released by the National Payments Corporation of India (NPCI), the UPI payments crossed Rs 12.82 lakh crore in last month. The UPI transactions volume during December was at 7.82 billion.
Around 7.3 billion transactions worth over Rs 12.11 crore took place through UPI in October. In November, nearly 7.31 billion transactions worth Rs 11.90 lakh crore had taken place via UPI. Earlier in July 2022, UPI touched the 6 billion-transaction mark for the first time, registering 6.28 billion transactions worth Rs 10.62 lakh crore.
UPI was launched in the country in 11 April 2016. UPI is a fund transfer system that enables real-time movement of funds. It is both a funds transfer as well as a merchant payment system. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions.
UPI crossed 1 billion transactions in October 2019. In October 2020, UPI processed more than 2 billion transactions. In the next 10 months, UPI topped 3 billion transactions a month. The platform reached over 4 billion transactions per month in October 2021. In March 2022, UPI breached the 5 billion transactions mark.
Post Your Comments