UPI Transactions Increased In The Country, The Figure Crossed 900 Crores In May
India's indigenous payment system Unified Payments Interface (UPI) has crossed the 900 crore (9 billion) mark in the month of May. A total of 941 crore (9.41 billion) transactions have taken place on UPI during the month of May. The National Payments Corporation of India (NPCI) has given information about this by releasing the data.
The total value of the transaction was 14.3 lakh crores
The total value of these digital transactions has been 14.3 lakh crore, which is 37% more than a year ago. At the same time, the total volume of transactions has also seen a growth of 58% on an annual basis. This number was 595 crores (5.95 billion) in May 2022.
In April, a total of 386 crore (3.86 billion) person-to-person or P2P payments were done on UPI. In comparison, the number of person-to-merchant transactions stood at 503 crore (5.02 billion). Where the transactions made to sellers were higher in April.
Whereas, the value of transactions given to sellers during the month of May stood at Rs 10.85 lakh crore. A total of 8,300 crore (83 billion) transactions have taken place on the payment system in FY23, with a total value of Rs 139 lakh crore.
What is UPI service?
Every app providing wallet service provides direct transaction facility through UPI. That is, if you want, you can do transactions from wallet as well as from UPI. Wallet services are also available for e-payments in India. Wallet apps account for more than 50% of all online transactions across the country. In retail payments, this figure is above 85%.
How does UPI work?
To avail the service of UPI, you have to create a virtual payment address. After this you have to link it with your bank account. The virtual payment address becomes your financial address. After this there is no need to remember your bank account number, bank name or IFSC code etc. Payer simply processes the payment request based on your mobile number and the payment is credited to your bank account.
If you have his UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but also utility bill payment, online shopping, shopping etc. will not require net banking, credit or debit cards. You can do all these things with the Unified Payment Interface system.
