According to data released by the National Payments Corporation of India (NPCI), the unified payments interface (UPI) processed a record high of 6.57 billion transactions in August 2022, amounting to Rs 10.72 trillion, up 4.62 per cent and 0.95 per cent on a month-on-month (MoM) basis, in terms of volume and value of transactions, respectively. The volume of transactions rose 85 per cent while the value rose 67.85 per cent year-on-year (YoY).
As per the data, UPI facilitated over 46 billion transactions worth Rs 84.17 trillion in the fiscal year 2022, thus breaching the $1 trillion mark. In fiscal year 2021, it processed 22.28 billion transactions, amounting to Rs 41.03 trillion. So, both volume and value of transactions doubled in a year’s time, indicating the meteoric rise seen in the adoption of digital payments, especially UPI, in India.
The next target for UPI is to process a billion transactions a day in the next 3-5 years.
