In a record of sorts, 620.17 million UPI transactions worth 102,594.82 crore were conducted in December, as compared to 524.94 million transactions valued at 82,232.21 crore in November—an 18% increase in transaction volume. This was informed by a data from the National Payments Corporation of India (NPCI). December was the first month when over 600 million UPI transactions were recorded. UPI transactions had crossed the 500 million mark for the first time in November.
UPI is a payments system launched by the NPCI, the umbrella organization for all retail payments in India. It facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any detail of the beneficiary’s bank account.
Over the last one year, there has been over 300% rise in the volume of UPI transactions and this growth is seen continuing over the near term.
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