Unified Payments Interface (UPI), flagship digital payments platform of India, made a new record last month, in terms of volume as well as transactions, Business Standard reported.
According to the latest data released by the National Payments Corporation of India (NPCI), the UPI platform recorded 6.8 billion transactions in September, amounting to 11.17 trillion. It is up 3.05 per cent and 4.06 per cent in volume and value terms on a month-on-month (MoM) basis.
On a year-on-year (YoY) basis, volume of transactions was up 85.55 per cent and value went up 70.61 per cent. For the third consecutive month, UPI transaction volumes breached the six-billion mark. UPI, as a fund transfer system, enables real-time movement of funds. It is both a funds transfer as well as a merchant payment system.
The growth in UPI transactions mirrors the upward trajectory of the overall digital transactions in the economy. This is reflected in the RBI’s digital payment index, which has risen from 207.94 in March 2020 to 349.30 in March 2022. This index indicates the extent of digitisation of payments across the country.