Unified Payments Interface (UPI) soared to a record high in April recording 558 crore (5.58 billion) transactions totaling ₹9.83 trillion (₹9.83 lakh crore), the highest for the payment platform — both in terms of volume and value of transactions — since its inception, according to data from the National Payments Corporation of India.
In March 2022, UPI breached 500 crore (5 billion) transactions in a month for the first time. In April 2022, volume of transactions was up 3.33 per cent and value of transactions also rose 2.36 per cent compared to previous month.
In April 2021, UPI had processed 264 crore (2.64 billion) transactions worth ₹4.93 lakh crore (₹4.93 trillion).
On a year-on-year (YoY) basis, the volume of transactions jumped 111 per cent and value of transactions increased by almost 100 per cent.
UPI had breached the ₹1 lakh crore (₹1trillion) milestone in December 2018, and then crossed ₹2-lakh crore (₹2 trillion) in payments in terms of value in December 2019.
BHIM UPI has emerged as the most popular means of digital payments, accounting for 38.77 per cent of all such payments in FY21.
Read More at https://swarajyamag.com/economy/upi-soars-to-record-high-of-558-billion-transactions-in-april-2022-volume-and-value-up-by-over-100-on-year-on-year-basis