The popular Unified Payments Interface (UPI) digital payments method has clearly won hearts and has been used for exchanging a value of 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, because of lack of cash and inconvenient methods of cash payment. Now digital transactions have become common practice not only in metros but also in remote villages and towns.
People are also using it for paying small amounts. The National Payments Corporation of India (NPCI) released the data until 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 transaction value till March 29 stood at 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, whose value was Rs 4.93 lakh crore.
The share of UPI in total retail payments in the country stood at 60% in 2021-22. The use of UPI has benefited the common man as well as the shopkeepers.
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