Unified payments interface (UPI) transactions in the country have crossed the 5 billion mark in March, as per the latest data released by National Payments Corporation of India (NPCI). NPCI said that total UPI transactions recorded stood at 5.04 billion (or 504 crore), for a total value of Rs 8.88 lakh crore, in March this year. The latest data released by NPCI is as of March 29, 2022.
Total UPI transactions in February stood at 4.5 billion (or 452 crore), with a total value of Rs 8.26 lakh crore processed by the infrastructure.
Currently, NPCI is working on several projects with UPI, including UPI Lite, which will allow users to move funds from their bank accounts to the service to make offline transactions. The motive behind launching the service is to reduce the load on the UPI infrastructure, and avoid downtime for the service.
The payments platform has come a long way since its inception in June 2016. It grew from zero to a billion transactions a month in October 2019. India is witnessing an increased UPI penetration and to further expand its reach, NPCI has been adding new functionalities like UPI Autopay to enable recurring payments and IPO via UPI.