UPI has played an important role in the development of the digital economy. Making payments through UPI has become a piece of cake. Now payments through UPI are easy, which is why it has become people’s favorite way of making payments. The latest example of this can be seen in the UPI transactions done in the month of May. A new record of payments has been created through UPI transactions done in the month of May.
It is impossible to describe in words the contribution of UPI in the development of the digital economy. Making payment through UPI has become a matter of a few seconds. Making this payment is so easy that now even the largest amount can be paid quickly without wasting time. Due to such great convenience, a new record of UPI payment has been created in the month of May.
In the month of May, 14.04 billion transactions were successfully done through UPI. This information has been received from the data of National Payments Corporation of India (NPCI). This is the first time in the history of UPI that transactions worth more than 14 billion have been done through UPI in a single month.
There was a shortage in April
Before May, in the month of April, there was a significant decrease in the transactions being done through UPI. During this period, 13.3 billion transactions were done through UPI. During the month of April, there was some decrease in the transactions done through UPI. In the month of March also, a total of 13.44 billion transactions were done through UPI. This figure was one percent less in April.
There has been a tremendous increase in the transactions done through UPI. If we believe the data, the total value of the transactions done through UPI in the month of May was Rs 20.45 lakh crore. Whereas the amount of transactions done in the month of April was Rs 19.64 lakh crore. According to the data, a growth of more than four percent has been seen in a month.
Not only monthly transactions but daily transactions have also increased. Last month, about 45.3 crore transactions were done daily through UPI. During this period, the average amount of daily transactions was Rs 65,966 crore. According to the data, this is a growth of 49 percent on an annual basis.
Let us tell you that some time ago the Reserve Bank has announced that UPI will be taken outside the country as well and it will be made a popular transaction platform. RBI’s target is to use UPI in 20 countries in the near future. In this connection, transactions have started happening through UPI in many countries including Sri Lanka, Nepal, UAE.
