More than Rs 83 lakh crore exchanged using UPI mode of transaction in 2021-22


Photo source: PTI / Correspondent

In 2021-22, more than Rs 83 lakh crore was exchanged using UPI mode of transactions

Highlights

  • UPI has been used for exchange of Rs 83 lakh crore in FY 2021-22.
  • The growth of UPI payment system has been very high in the last two years.
  • UPI mode became popular during the epidemic due to lack of cash.

The popular Unified Payment Interface (UPI) digital payment method has definitely won hearts and has been used for exchange of Rs 83 lakh crore in FY 2021-22. This is the first time this has happened. The growth of UPI payment system has been very high in the last two years.

UPI mode became popular during the epidemic due to lack of cash and inconvenient cash disbursement methods. Now digital transactions have become a common practice not only in metropolitan areas but also in remote villages and cities.

People are using it to pay a small amount. The National Payments Corporation of India (NPCI) has released data till March 29. In 2021-2022, the value of transactions through UPI was Rs 83.45 lakh crore For the first time in March, the volume of UPI payment system has crossed Rs 500 crore. As on March 29, 2022, a total of 504 crore transactions have been made.

As of March 29, the transaction value stood at Rs 8.8 lakh crore. At the beginning of the 2021-22 financial year, i.e. in April, a total of 260 crore transactions were made through UPI, valued at Rs 4.93 lakh crore.

The share of UPI in the total retail payments of the country stood at 60% in 2021-22. The use of UPI has benefited the common man as well as the shopkeepers.

Also read: ‘123PAY’: RBI launches UPI service for non-smartphones.

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