For the first time in March, the volume of UPI payment system has crossed Rs 500 crore. As on March 29, 504 crore transactions have been recorded. If we talk about the transaction value in March (till 29th), it was Rs 7.6 lakh crore.
The transaction value of Unified Payments Interface (UPI) exceeded 1 trillion in FY 2021-22. In the last two years, the growth of UPI payment system has been very high. Now it is being used in remote areas of the country. People are using it to pay a small amount.
UPI’s transaction value is Rs 83.45 lakh crore
The National Payments Corporation of India (NPCI) has released data till March 29. It was stated that in the financial year 2021-2022, the transaction value of UPI was Rs 83.45 lakh crore. According to the dollar and rupee exchange rate, converting 1 trillion dollars into rupees is 75.82 lakh crore rupees.
For the first time, the volume in UPI payment system has crossed 500 crores
For the first time in March, the volume of UPI payment system has crossed Rs 500 crore. As on March 29, 504 crore transactions have been recorded. If we talk about the transaction value in March (till 29th), it was Rs 7.6 lakh crore. This is 7.5 percent more than in February.
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The value of monthly transactions will soon reach Rs 9 lakh crore
Transactions through UPI have increased a lot in the last two years. Don’t cause an epidemic. UPI has set many new records in the last two years. Now the value of monthly transactions from UPI is approaching Rs 9 lakh crore. At the beginning of the 2021-22 financial year, i.e. at the beginning of April, a total of 260 crore transactions were made through UPI, valued at Rs 4.93 lakh crore. After almost a year, the volume of monthly transactions has increased by 94 percent, whereas its value has increased by 80 percent.
UPI is responsible for 16 per cent of the total transaction value
UPI’s share in the country’s total retail payments is growing rapidly. In FY 2021-22, 60 percent of total retail payments were made through UPI. However, low-value transactions account for a large portion of UPI payments. UPI 2021-22 accounted for only 16 per cent of the total transaction value in the financial year.
The use of UPI has benefited the common man as well as the shopkeepers. On the one hand, there is no need to keep money in the pocket for up-shopping, on the other hand, shopkeepers do not have to face the problem of open money.
