UPI transactions top charts- INR 8 lakh crore worth transactions recorded in December
- ByTejika Bajaj | January 3, 2022
Ending the year on a high note, the unified payments interface (UPI) recorded INR 8.26 lakh crore worth of transactions in the last month of the year i.e. December. In addition, the National Payments Corporation of India (NPCI) reported that the transaction volume also set a new peak as they rose to 456 crore transactions during the month.
The year recorded 3,874 crore transactions, thus depicting a 105 per cent growth from 1,887 crore transactions registered in the previous year. Subsequently, the value of the transactions also saw an increment of 130 per cent from INR 31 lakh crore in the previous year to INR 71.46 lakh crore this year.
2021 experienced a massive surge in the usage of UPI as a payment mode with the rising in the second wave of the pandemic. Similarly as the new year of 2022 begins, the surge in omicron cases might lead to a different route for UPI transactions.
Reports indicate that UPI is expected to grow significantly as a medium of transaction as the penetration of digital transactions is increasing on a day to day basis. Furthermore, NPCI has projected 1 billion UPI transactions in a day to be achieved over the next two to three years.
As per the reports delivered by research firm Jefferies, the financial year 2022 (FY22) will witness India seeing $2.16 trillion worth of digital payments. UPI is expected to make up close to 50 percent of that followed by Immediate Payment Service (IMPS) at 25 percent.
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