Over Rs 83 lakh crore exchanged using UPI mode in 2021-22
Highlight
- UPI has been used for exchanges worth Rs 83 lakh crore in the financial year 2021-22.
- The growth of the UPI payment system has been very high in the last two years.
- The UPI mode was made popular during the pandemic due to the cash crunch.
The popular Unified Payments Interface (UPI) digital payment method has clearly won hearts and has been used for exchanges worth Rs 83 lakh crore in the financial year 2021-22. This is the first time this has happened. The growth of the UPI payment system has been very high in the last two years.
The UPI mode was popularized during the pandemic due to the cash crunch and inconvenient modes of cash payment. Now digital transactions have become common not only in metros but also in remote villages and towns.
People are also using it to pay small amounts. The National Payments Corporation of India (NPCI) released the data till March 29. The value of transactions through UPI in 2021-2022 was Rs 83.45 lakh crore. For the first time in March, the volume in the UPI payment system crossed 500 crores. A total of 504 crore transactions were done till March 29, 2022.
The value of the transaction till March 29 was Rs 8.8 lakh crore. At the beginning of the financial year 2021-22 i.e. in April, a total of 260 crore transactions were done through UPI, which was worth Rs 4.93 lakh crore.
The share of UPI in the total retail payments in the country was 60% in 2021-22. Along with the common man, shopkeepers have also benefited from the use of UPI.
Read also: ‘123PAY’: RBI launches UPI service for non-smartphones