India records 782 crore UPI Transactions in Dec 2022

New Delhi, Jan 3 (KNN) The Unified Payments Interface (UPI), an instant real-time payment system developed by National Payments Corporation of India (NPCI) touched a milestone of 782 Crore UPI Transactions worth Rs 12.8 Lakh Crore in December 2022. 

The volume of transactions in December was up 7.12 per cent compared to November, while value of transactions was up 7.73 per cent during the same period, the NPCI data showed.

On a year-on-year basis, in December, volume of transactions was up 71 per cent and value of transactions was up 55 per cent.

According to the data, in the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed. The platform in the year 2021 has processed over 38 billion transactions worth Rs 71.54 trillion.

Within the period of one year, the , the volume of transactions on the platform jumped over 90 per cent and value jumped by 76 per cent, reported the Business Standard.

Lauding the country for embracing digital payments, Prime Minister Narendra Modi in a tweet said, “I like how you’ve brought out the rising popularity of UPI. I laud my fellow Indians for embracing digital payments! They’ve shown remarkable adaptability to tech and innovation.”

The volume and value of UPI transactions have continued to be on a rise since the past two years, apart from minor blips witnessed in some months because of pandemic related restrictions, mirroring the recovery in the broader economy and the increased adoption by consumers of digital modes of payments for their daily transactions.

UPI crossed the first billion transactions in October 2019, almost three years after its launch in 2016. Since then, the incremental billion transactions have come in quickly. Within a year, in October 2020, it processed over 2 billion transactions. And, in the next ten months, UPI processed over 3 billion transactions in a month.  (KNN Bureau)