Digital transactions under the United Payments Interface (UPI) of the government have achieved another major milestone in India. National Payments Corporation of India (NPCI) data showed that UPI-based transactions crossed the five million transaction mark in March 2022. The data shared by the organization shows that the achievement happened on March 29, just two days before the end of the month.
NPCI data shows that till March 29, more than 504 crore UPI-based transactions were registered in India and the total value of these transactions has been pegged at Rs 888,169 crore.
— NPCI (@NPCI_NPCI) 30 March 2022
Interestingly, this milestone comes after a marginal drop in UPI-based transactions in February this year. The data shared by the organization at that time showed a slight decline in February this year as compared to January 2022. Data shared by NPCI showed that UPI-based transactions have crossed the 420 million mark in February 2022, with a total transaction value of around Rs 384,404. In contrast, the number of UPI-based transactions in India stood at 440.17 million in January 2022, while the transaction value stood at Rs 3,87,006.73 crore.
Notably, the fall in February 2022 was the second time in a row that India saw a decline in UPI-based transactions. For context, the total number of UPI-based transactions stood at 442.98 million in December 2021, taking the total transaction value to Rs 396,411 crore.
Further, data shared by NPCI shows that UPI-based transactions for the financial year 2021-2022 have a mark of $1 trillion in value terms. These numbers reflect the adoption of digital payments and financial services in India in a short span of about five years. For reference, UPI-based digital payments were introduced in India in August 2016.
Separately, NPCI has recently launched a new facility in India that enables people to do UPI-based transactions even when they do not have internet connectivity. The feature named ‘UPI 123PAY’ is an instant payment system for feature phone users.
As a part of this facility, feature phone users can perform UPI-based transactions using a pre-defined IVR number or by using a missed call.
UPI transactions first appeared on BGR India in March 2022 after crossing the 5 billion mark for the first time.