UPI records highest volume of transactions in India: Report

UPI records highest transaction volume in India in April 2022

Over the past few years, India has witnessed a huge growth in digital payments, thanks to various initiatives by fintech companies, the government and the overall demonetisation drive in the country. Now, a recent report by the National Payments Corporation of India (NPCI) revealed that India recorded an all-time high UPI payments in April 2022, reaching a transaction value of around Rs 10 trillion. Check out the details below.

India sees all-time high UPI transactions in April 2022

A recent report by NPCI reveals that digital payment platforms Unified Payments Interface (UPI) recorded 5.58 billion transactions in April 2022 aloneSet a new record for payment platform in India since its inception in 2016. The value of transactions in the form of digital payments to new users in the country reached Rs 9.83 trillion.

In March this year, UPI sees 5.4 billion transactions worth Rs 9.6 trillion, Hence, on a month-on-month basis, the digital payment platform saw a 3.33% growth in transactions and a 2.36% increase in transaction value in India.

However, if we look at the year-on-year (YoY) difference, UPI saw a jump of 111% in transaction volume and almost 100% increase in transaction value compared to last year. In April 2021, UPI processed only 2.64 billion transactions worth Rs 4.93 trillion. To recall, UPI achieved its first milestone in 2019 by recording over 1 billion transactions.

Now, some of the primary reasons for the huge increase in UPI payments in India include: Cashback initiative by companies like Google Pay, Paytmand even whatsapp Planning to do the same again. This is to attract more users to the digital payments sector. The government is also testing initiatives such as 123Pay, which lets feature phone users without an active internet connection make digital payments, and to push UPI Lite. Promoting the digital payments sector in India.

Going forward, the digital payments sector is expected to expand further as more users switch from physical payments to digital ones. NPCI aims for UPI transactions of $1 billion per day over the next 3 to 5 years. So what do you think? Tell us your thoughts on expanding the digital payments sector in India in the comments below.

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