UPI: 500-crore Milestone in Volume

In March 2022, India’s Unified Payments Interface (UPI) has crossed the 500-crore mark in terms of volume and in terms of value it was close to touching the Rs 10-lakh crore milestone.

Overview:

  • Around 540.56 crore payments have been processed by UPI in March amounting to Rs 9,60,581.66 crore.
  • This data has been revealed by the National Payments Corporation of India (NPCI).
  • In February 2022, 452.74 crore transactions were processed by UPI that were worth Rs 8,26,843 crore.
  • For FY 2021-22, the USD 1 trillion mark was crossed at Rs 84,17,572.48 crore payments.
  • The 100-crore mark in terms of volume was crossed by UPI in October 2019.
  • A dip was witnessed in April 2020, and since then it has been gaining due to widespread adoption.

How many banks are utilizing UPI?

By March 2022, 315 banks were a part of the UPI platform. Daily UPI has been processing over 17 crore payments that are worth more than Rs 20,000 crore.

Role of the pandemic

Due to the pandemic, lots of merchants started preferring this form of payment. With the use of QR codes, UPI’s volume has grown a lot. The pandemic gave a boost to the digital payments sector of the country. It has been estimated that in 2021-22, 60 percent of retail payments volumes came from UPI. With UPI being used in other countries like Nepal, Bhutan, UAE, and Singapore, its volume will increase further.

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