Highlights
• The onset of the COVID-19 pandemic has sparked widespread adoption of UPI.
• In the financial year 2021-22, UPI’s transaction values surpassed $1 trillion.
According to data from the National Payments Corporation of India (NPCI), the digital payments network Unified Payments Interface (UPI) registered 5.58 billion transactions in April 2022, a new all-time high for the platform since its inception.
The payments platform processed transactions totaling Rs 9.83 trillion in value
In March 2022, UPI recorded 5.4 billion transactions worth Rs 9.6 trillion. UPI saw a 3.33 percent increase in transaction volume and a 2.36 percent increase in transaction value month over month.
On a year–over–year (YoY) basis, the volume of transactions increased by 111%, while the value of transactions increased by nearly 100%. In April 2021, UPI processed 2.64 billion transactions worth Rs 4.93 trillion. Since its introduction in 2016, UPI has seen a surge in popularity, fueled by the outbreak of the COVID-19 pandemic.
In the financial year 2021-22, the UPI’s transaction value surpassed $1 trillion.
This is a significant step forward for the payments system.
In the next 2-3 years, NPCI, the umbrella organisation that oversees UPI, RuPay, and Bharat Bill Pay, wants to see $1 billion in UPI transactions each day.
NPCI has two main responsibilities:
Enabling UPI on feature phones and enabling UPI in offline mode on smartphones. UPI 123Pay for feature phones is being tested, and the National Payments Corporation of India (NPCI) has issued a circular outlining how UPI Lite will function in offline mode.
