UPI Payments Touch Record High Of Rs 12.82 Lakh Crore In December

UPI Payments Touch Record High Of Rs 12.82 Lakh Crore In December

by Swarajya Staff - Jan 3, 2023 04:34 PM +05:30 IST
UPI Payments Touch Record High Of Rs 12.82 Lakh Crore In DecemberUPI.

Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December.

UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions.

During the month, 7.82 billion transactions in volume terms were done on the platform, which was launched in 2016.

''UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth Rs 12.82 trillion,'' the Department of Financial Services said in a tweet on Monday.

Payments through UPI had crossed the Rs 12 lakh crore mark in October this year.

In November, nearly 7.31 billion transactions worth Rs 11.90 lakh crore had taken place via UPI.

Around 7.3 billion transactions worth over Rs 12.11 crore took place through UPI in October.

Earlier in July 2022, UPI touched the 6 billion-transaction mark for the first time, registering 6.28 billion transactions worth Rs 10.62 lakh crore.

The platform surpassed 1 billion transactions mark for the first time in October 2019, over three years after its launch in 2016.

In October 2020, UPI processed over 2 billion transactions, and after nearly nine months crossed 3 billion transactions mark in July 2021.

The next 1 billion came in just another few months, as the payment platform reached over 4 billion transactions per month in October 2021. In March 2022, UPI breached the five billion transactions mark.

The platform processed over 46 billion transactions amounting to more than Rs 84.17 lakh crore in financial year 2021-22.

(With inputs from PTI)

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