Digital India is proud to set a new record. Unified Payments Interface (UPI) crossed the 500-crore mark in volumes for the first time in March. As per the National Payments Corporation of India (NPCI) record, 504 crore transactions have been done by March 29 itself. It has reached a breaking point moment with Digital transaction value shooting past the $1 trillion mark in the financial year 2021-22.
With this, the payments system has achieved a major milestone and seen significant growth over the past two years. The country is witnessing a rise in digital adoption for payments and financial services. In terms of transaction values for the month, UPI saw transactions worth Rs 8.88 lakh crore as of March 29, a growth of 7.5 percent over February. Over the past two years, UPI has seen a significant rise in transactions and extensive adoption of digital payments in India.
By giving access to more customers beyond the top cities and towns, NPCI endeavors to achieve a run rate of one billion transactions a day in next five years by giving access to more customers.
