Unified Payments Interface (UPI), India’s digital payment platform noticed its highest transaction numbers in April 2022 at 5.58 billion to amount to Rs 9.83 trillion. In March, UPI completed more than 5 billion transactions up 3.33%. The value of transactions increased 2.36% as compared to March.
In March, UPI processed an amount of Rs 9.6 trillion of 5.4 billion transactions. There is a 100% increase in year-on-year transactions. In April 2021, UPI had 2.64 billion transactions amounting to Rs 4.93 trillion. The pandemic in the last two years has triggered the acceleration of online payment adoption in India.
The future target of UPI is to process a billion transactions in a day in the coming 3 to 5 years. The Autopay attribute of UPI allows recurring payments of up to Rs 5,000. Recent initiatives of the RBI and the National Payments Corporation of India (NPCI) will encourage the transaction number and value in the future days, said experts.