At 8.7 billion, UPI records highest-ever transactions in March

India`s Unified Payments Interface (UPI) clocked its highest-ever wide variety of transactions at eight.7 billion in March 2023, in step with National Payments Corporation of India`s (NPCI). Real-time bills jumped 60 consistent with cent 12 months-on-12 months (y-o-y) at the flagship on line cash switch platform.

UPI hit eight billion transactions for the primary time in January this 12 months. February noticed a marginal lower withinside the wide variety of transactions - 7.five billion - because of fewer days.

Ending the monetary 12 months on a high, the price of the file wide variety of transactions changed into pegged at ₹14.05 trillion. UPI has registered a 46% y-o-y upward thrust in price of transactions. March 2022 noticed five.four billion bills worth ₹9.6 trillion. The price of virtual transactions in January changed into ₹12.ninety eight trillion, which dipped to ₹12.35 trillion in February.

UPI, an on the spotaneous price gadget evolved with the aid of using the NPCI which permits Person to Person (P2P) and Person to Merchant (P2M) transactions, has come to be the maximum famous and hassle-loose mode of price range switch in India. Although released in 2016, UPI marked one billion transactions in a month in October 2019. Within 10 months, the platform recorded greater than three billion month-to-month transactions.

UPI, which presently handles almost 30 crore bills daily, has the capacity to procedure one thousand million transactions each day, the Reserve Bank of India (RBI) governor Shaktikanta Das stated recently.

The desire for UPI spiked throughout the pandemic, with 99% of transactions rising from financial institution account–to–account bills. Now, RuPay credit score playing cards may be related to UPI and service provider bills may be made thru pay as you go instruments (PPIs), in a lift to virtual transactions.

From April 1, NPCI imposed an interchange price of as much as 1.1 consistent with cent on PPI transactions (present playing cards, wallets, amongst others) over ₹2,000. Customers won`t be charged in regular UPI bills - account to financial institution account-primarily based totally transfers.