UPI records highest ever transactions close to 8.7 billion, with a rise of 60% alone in March | Business Upturn

UPI records highest ever transactions close to 8.7 billion, with a rise of 60% alone in March

National Payments Corporation of India recently released the data of its findings on the UPI transactions for the month of March which have proven to be record breaking. Here’s why!

In March, the Unified Payments Interface (UPI) platform recorded 8.7 billion transactions, representing a year-on-year increase of 60%. The National Payments Corporation of India is the organization that made these findings public (NPCI).

When it comes to valuation, we are looking at a staggering 14.05 trillion Indian Rupees.

In February, 7.5 billion transactions were processed on the platform, compared to 8 billion in January. Despite the fact that this number has decreased in terms of the transaction value to Rs. 12.35 trillion in February from Rs. 12.98 trillion in January, the month of March saw a total number of transactions worth Rs.14.01 trillion.

Statistically speaking, linking the bank account in any UPI-enabled application in order to make payments is the most popular method of conducting a UPI transaction. This approach accounts for more than 99.9 percent of the total number of UPI transactions.

During a recent event, Dilip Asbe, managing director and CEO of the NPCI, stated that the interface possesses the bandwidth necessary to conduct 1 billion transactions on a daily basis. UPI presently conducts over 30 million transactions each and every day, on average.

The recent integration of RuPay credit cards to UPI and the use of prepaid payment instruments for making purchases is something that the RBI has enabled. It is anticipated that this will be beneficial in assisting the expansion of UPI transactions.

PPI transactions (including gift cards, wallets, and other similar products) that are over Rs 2000 are subject to an interchange fee of up to 1.1 percent, which were implemented by NPCI on April 1st. Consumers will not be charged when making typical UPI payments account-to-bank account-based transfers using their UPI accounts.

The Indian digital payment system, Unified Payments Interface (UPI), designed by the National Payments Corporation of India (NPCI), is ready for worldwide expansion. With steps to facilitate seamless cross-border transactions, India’s digital payment systems, such as the Unified Payments Interface (UPI), is becoming  appealing globally.

UPI has been dubbed a game changer in the payment environment. It was launched in 2016 and has quickly become one of the most popular digital transaction solutions in the nation. The National Payments Corporation of India created UPI, an immediate payment mechanism (NPCI). In terms of total real-time digital payments made throughout the globe, India accounted for 40%. This reduces the cost of financial transfers and remittances.

Residents in Singapore and India, for example, will be able to instantaneously send money to one other using UPI and PayNow now that the peer-to-peer payment systems have been integrated. Among other recent developments, the UPI payments capability for incoming international tourists from G20 nations will soon be expanded for merchant payments. In addition, non-resident Indians (NRIs) in certain foreign nations would be able to make transactions on UPI systems without the need for an Indian cell number.

Indian digital payment systems are accessible in Singapore, the United Arab Emirates, Oman, Saudi Arabia, Malaysia, France, the BENELUX markets of Belgium, the Netherlands, and Luxembourg, as well as Switzerland. It is also said that India has inked Memorandums of Understanding with 13 nations that wish to use the UPI interface for digital payments.

These worldwide alliances have emerged as the NIPL (NPCI International Payments Limited) forges alliances with several nations to develop a massive acceptance network for RuPay and UPI. Thus, allowing Indian passengers to make payments via these channels in their destination place of travel. NIPL was established in April 2020 as a fully owned subsidiary of the National Payments Corporation of India (NPCI), with the goal of deploying RuPay and UPI outside of India.