In December, payments made through the Unified Payments Interface (UPI) reached a new high of Rs. 12.82 lakh crore. The platform, which debuted in 2016, saw 782 crore transactions in volume throughout the month.
"The country's transition to digital payments has been greatly aided by UPI. UPI has completed 7.82 billion transactions totaling 12.82 trillion rupees (Rs. 12.82 lakh crore) as of December 2022 "a tweet from the Department of Financial Services on Monday stated.
In October of this year, UPI payments surpassed the Rs. 12 lakh crore milestone.
Up to 730.9 crore transactions of Rs. 11.90 lakh crore have been made using UPI in November.
UPI is a peer-to-peer (P2P) immediate real-time payment system that enables interbank transactions. The transaction is carried out by mobile in a few simple steps. Additionally, there are no fees associated with UPI transactions.
With 381 banks already using it, the low-cost platform for cashless transactions has been gaining popularity month over month.
According to Spice Money creator Dilip Modi, both the number and value of UPI transactions have drastically expanded over the past year.
"The convenience that UPI offers is by far its greatest benefit. UPI makes it simple for users to transact by enabling money transfers across various accounts without the requirement for unique profiles for each transaction. Another justification is the ease, speed, and security of UPI transactions. The main instrument for promoting financial inclusion has been UPI "said he.
Recently, Paytm also published its Recap report for 2022, naming Delhi-National Capital Region as the nation of India's capital of digital payments. With a 7X rise in 2022, Katpadi in Tamil Nadu is rumoured to be the city with the quickest growth in terms of digital payments. Additionally, it was observed that the peak time for payments was at 7:23 p.m., with Wednesday appearing as the busiest day of the week for online transactions.
