UPI reaches a watershed moment with digital transaction value shooting past $1-trillion mark in FY22
The Unified Payments Interface (UPI) has breached the $1-trillion mark in transaction values for the financial year 2021-22, a major milestone for the payments system which has witnessed substantial growth over the past two years and led to further digital adoption for payments and financial services.
According to data until March 29 by the National Payments Corporation of India (NPCI), which operates and manages UPI payments, UPI has recorded transaction values of Rs 83.45 lakh crore in FY22. As per the current conversion rate, $1 trillion amounts to approximately Rs 75.82 lakh crore.
The payments system crossed the 500-crore mark in volumes for the first time in March. As per NPCI’s data, 504 crore transactions were recorded by March 29 itself.
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