UPI transactions surpass record levels of Rs. 12 lakh crore and $700 billion
UPI reached a record number of transactions in October at 730 crore. In terms of volume, UPI exceeded Rs 11 lakh crore in September with 678 crore transactions.
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After passing the Rs 10-lakh-crore milestone in May, transaction over the Unified Payments Interface (UPI) reached a new record of Rs 12.11 lakh crore in October.
UPI reached a record number of transactions in October at 730 crore. UPI transactions reached 678 crore in volume in September, surpassing the Rs 11 lakh crore threshold.
Real-time money transfers are possible with UPI as a fund transfer system. Both a funds transfer and a merchant payment mechanism are included. On April 11, 2016, Dr. Raghuram G. Rajan, the governor of the RBI at the time, launched the UPI pilot.
Since the Covid-19 pandemic's spread, digital payment systems have expanded, with small firms gaining privileged access to the ecosystem. UPI payments surged by more than 1200 percent in the six months that ended in September, according to an RBI data.
According to a different report, RBI's Payment Vision 2025, UPI is anticipated to increase by an average annualised 50%.
Approximately 71 billion digital payments were made in India during the fiscal year 2022. Compared to the preceding three years, this was a huge increase. UPI has seen significant growth since 2015, both in terms of numbers and value.
As a result, major international competitors like Google Pay and Amazon Pay entered the market. PhonePe, a domestic app, was the most popular one in 2021. PhonePe and Google Pay each had a 34 percent share of the universal payments interfaces (UPI) market in India during the fiscal year 2022, according to Statista.
