Since its introduction in 2016, UPI has seen a surge in popularity over the years, fueled by the onset of the COVID-19 pandemic. In the financial year 2021-22, the UPI’s transaction value surpassed $1 trillion.
Rise & Rise Of UPI Transactions
According to statistics 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 establishment. The payments platform processed transactions totalling 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 rise 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 conducted 2.64 billion transactions worth Rs 4.93 trillion.
Good Times Ahead
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 organization that oversees UPI, RuPay, and Bharat Bill Pay, wants to see $1 billion in UPI transactions each day.
NPCI has two main responsibilities: allowing 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 released a circular outlining how UPI Lite would function in offline mode.
