UPI made a great record in September, 11 lakh crore payments made in a month
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A total of 657.9 crore transactions were done through UPI in August, valued at over Rs 10.72 lakh crore. The value of payments made through UPI exceeded Rs 10 lakh crore for the first time in May 2022.
NewsNCR | Edited By: Ravikant Singh
Oct 04, 2022, 5:40 PM IST
In September, payments worth Rs 11 lakh crore were made through the Unified Payments Interface (UPI). According to the data released by the National Payment Corporation of India (NPCI), a total of 768 crore transactions were done through this platform in September, with a combined value of Rs 11 lakh crore. Payment through UPI is witnessing steady growth as it is safe as well as easy. Payment is also very fast.
UPI payments in September shows an increase as compared to August. A total of 657.9 crore transactions were done through UPI in August, valued at over Rs 10.72 lakh crore. The value of payments made through UPI exceeded Rs 10 lakh crore for the first time in May 2022. In September 2022, this transaction crossed Rs 11 lakh crore for the first time. This means that there is a boom in UPI since May, which reached Rs 11 lakh crore by September.
UPI was introduced to make payments faster for one-to-one bank-to-bank transactions. UPI was started in the country in 2010. Money transactions can be done very easily through UPI through a smartphone. Apart from this, no charges have also been levied on UPI transactions so far. Due to no charge, people are taking the facility of free transaction. In addition, UPI payment is also very secure.
NPCI data shows that the use of this convenient transaction system is increasing month by month. In June 2022, transactions worth Rs 10,14,384 crore were done through UPI and this figure increased to Rs 10,62,747 crore in July. In August, this figure was Rs 10.72 lakh crore. During COVID, UPI saw the most speed as people distanced themselves from cash and made payments through smartphones, resorting to social distancing.
Spice Money Chief Executive Officer Sanjeev Kumar told ‘Bhasha’ that both the number and value of UPI transactions are likely to increase due to intensified festive activities in the months of October and November. With this, RBI has approved payment through credit card from UPI. This will also increase the scope of payment. Till now people are able to link only debit card with UPI. But after connecting UPI with credit card, people will be able to spend more.
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