New Delhi, June 3, 2022: The country is experiencing a boom in digital payments and UPI is on top. According to data released by the National Payments Corporation of India (NCPI), in May this year, UPI transactions broke through Rs 10 lakh crore to reach the level of Rs 10.41 lakh crore. This is the highest level ever achieved.
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Looking at NPCI data, on a monthly basis, the number of transactions in May this year jumped 7%, while the amount increased 6%. According to the report, the cash payment trend has weakened. According to data from NCPI, in the financial year 2021-22, there were 46 billion transactions through UPI, with a total amount of Rs 84.17 lakh crore.
UPI transactions grow twice as fast
In May 2022, a total of 5.95 billion transactions were made through UPI. Earlier in April, 5.58 billion UPI transactions were made and the transaction amount was Rs 9.83 lakh crore. According to the data, the number of transactions in May this year more than doubled compared to May last year.
Extremely Beneficial Scanning
Experts say digitalization has proven to be extremely beneficial for people during the Corona outbreak. This is why digital payments have grown exponentially over the past two years. A few months ago, RBI even launched the ability to make digital payments from feature phones. Its goal is to bring digital payments to the 400 million people who currently only have feature phones.