Transaction volumes on UPI cross 500 crore in March

The widely popular Unified Payments Interface (UPI) crossed the 500 crore mark in terms of volume and was close to touching the Rs. 10-lakh crore milestone in value terms in March this year. UPI processed as many as 540.56 crore payments last month, amounting to Rs. 9,60,581.66 crore, data from the National Payments Corporation of India (NPCI) revealed.

In contrast, it had processed 452.74 crore transactions worth Rs.8,26,843 crore in February this year. For the full fiscal 2021-22, it crossed the $1-trillion mark at Rs. 84,17,572.48 crore payments. UPI had crossed the 100 crore mark in volume terms in October 2019 and after a dip in April 2020, and has since been gaining widespread adoption. There were as many as 315 banks live on the UPI platform by March this year. On a daily basis, UPI has been processing a high value of transactions. Recent data reveal that over 17 crore payments, worth over Rs. 20,000 crore, have been made via UPI on a daily basis.