UPI Crosses Milestone Worth Rs 10 Trillion Transactions in May

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UPI Crosses Milestone Worth Rs 10 Trillion Transactions in May
03 Jun 2022
min read

News Synopsis

According to data from an Indian retail payments organization, National Payments Corp of India, UPI (Unified Payments Interface), a self-developed payment system, surpassed the Rs 10 trillion worth of transactions in May and settled nearly 6 billion payments in a month. 

According to the data, the total trading volume is 5.9 billion, which is equivalent to Rs 10.4 trillion. On a monthly basis, the value of transactions increased by 5.9%, more than doubling from Rs 4.9 trillion processed last May.

Prime Minister of India Narendra Modi has added initiatives such as UPI Lite aimed at facilitating offline small-value digital payments and UPI123Pay, which enables transactions via feature phones without an internet connection, and extends the scope of the digital payment ecosystem. 

In March, the Reserve Bank of India (RBI) introduced UPI on feature phones, bringing about 400 million users of such phones to India's payment network. Feature phones are usually basic phones that provide voice calling and text messaging capabilities.

Meanwhile, a report by digital payments company PhonePe and Boston Consulting Group (BCG) said on Thursday that India’s digital payments market is at an inflection point and is expected to more than triple to $10 trillion by 2026. As per the report, both global and domestic fintech players have been key drivers of UPI adoption in India among end-users.

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