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UPI transactions cross 12.11 lakh crore

Vivid News 24: Every month, the volume of digital transactions grows exponentially. Every month, new records are made. This year’s October was no different. Through the Unified Payments Interface (UPI), there was a total of Rs. 12.11 lakh crore in digital transactions in October. 730 crores worth of transactions has been made in total.

While the number of UPI-based transactions in September was 678 crore. And the total amount transacted through this medium was Rs 11.16 lakh crore.

In addition, the number of instant inter-bank transactions through IMPS (Immediate Payment Service) was 48.25 crore in October and the total amount transacted was 4.66 lakh crore. According to the National Payments Corporation of India (NPCI) report, the transaction volume was 4.3% higher than in September.

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Similarly, the amount of toll collection has also increased. The automatic toll collection system of National Highway Authorities across the country was also enhanced through NETC FASTag in October. This transaction increased by 9.3% in October compared to September. In September, the volume of transactions was Rs 4,244.76 crore, while in October it stood at Rs 4,451.87 crore.

Again Aadhaar card-linked AePS, which makes bank transactions simple, secure and fast, saw a transaction volume of 11.77 crores in October. 10.27 Crore in September. In terms of numbers, the AePS transaction amount is Rs 31,112.63 crore. It was Rs 26,665.58 crore in September.

Incidentally, digital payments started in the country six years ago, in 2016. According to National Payments Corporation of India (NPCI) data, UPI crossed 1 billion transactions for the first time in October 2019, 3 years after its launch.

Next year i.e. in October 2020 it will reach the next billion. 3 billion transactions on UPI in the next 10 months. Even then it takes only 3 months to do 1 billion transactions. Similarly another 2 billion transactions occur in the next 1 year.

Even during the Covid 19 epidemic, it was seen that the rate of digital transactions has increased in the country.

46 billion transactions were completed through UPI in FY22. The financial value of the transaction is around Rs 84.17 trillion. 22.28 billion Transactions were completed through it in FY21. The financial value of this transaction is Rs 41.03 trillion.

From the resulting number of transactions and monetary value, it is clear how popular digital transactions, especially transactions through UPI, have become in the country.

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Vivid News-24 Desk
Vivid News-24 Desk
Vivid News-24 News India's new growing news website. Which provides some specific categories of news, top world news, entertainment, sports, new technology, politics etc.
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