Digital transactions under the government’s United Payments Interface (UPI) have attained another major milestone in India. National Payments Corporation of India (NPCI) data has shown that UPI-based transactions crossed the five million transactions mark in March 2022. The data shared by the organisation shows that this feat took place just two days ahead of the month end on March 29. Also Read - WhatsApp will now use your 'legal name' for UPI payments: How to find out yours
NPCI data shows that over 504 crore UPI-based transactions were recorded in India by March 29 and the total value of these transactions is pegged to be Rs 888,169 crore. Also Read - How to change your UPI PIN using Google Pay app
29th MARCH 2022: DAILY PAYMENT STATISTICS#BHIMUPI #AePS #IMPS pic.twitter.com/N4J8puQy7y Also Read - Mann ki Baat: PM Modi urges people to go for a ‘Cashless Day Out’
— NPCI (@NPCI_NPCI) March 30, 2022
Interestingly, this milestone comes after UPI-based transactions witnessed a small dip in February this year. Statistics shared by the organisation at the time had shown a slight dip in February this year compared to January 2022. Data shared by NPCI showed that UPI-based transactions crossed the 420 million mark in February 2022 with the total transaction value to be around Rs 384,404 crores. Contrary to that, the number of UPI-based transactions in India stood at 440.17 million in January 2022 while the transaction value stood at Rs 3,87,006.73 crores.
Notably, the dip in February 2022 was the second consecutive time that UPI-based transactions witnessed a dip in India. For reference, the total number of UPI-based transactions stood at 442.98 million in December 2021 with the total transaction value being Rs 396,411 crores.
Furthermore, data shared by NPCI shows that UPI-based transactions have the $1 trillion mark in terms of value for the financial year 2021-2022. These numbers show the adoption of digital payments and financial services in India in a short span of around five years. For reference, UPI-based digital payments were introduced in India in August 2016.
Separately, NPCI recently launched a new feature in India that enables people to perform UPI-based transactions even when there is no internet connectivity. The feature called ‘UPI 123PAY’ is an instant payment system for feature phone users.
As a part of this feature, feature phone users can carry out UPI-based transactions in using a pre-defined IVR number or using missed calls.