Sunday, July 14, 2024

India Records Highest UPI Payments in April 2022

As per a recent report shared by India’s National Payments Corporation (NPCI), India has recorded its highest UPI payments ever in April 2022. In April alone, the digital payments platform UPI has recorded 5.58 billion transactions and it reached the transactional value of Rs 9.83 trillion.

With this, a new record has been set since the inception of the digital platform in 2016.

Interestingly, the month of March 2022 also saw a hype in the number of transactions in a month for the first time. A total of 5.4 billion transactions were processed by UPI along with a transactional value of 9.6 trillion.

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India Records Highest UPI Payments in April 2022

This indicates that in comparison to March, the volume of transactions in April was up by 3.33 % and the value of transactions rose by 2.36%.

UPI has been expanding since its launch in 2016

For the first time in October 2019, UPI crossed 1 billion transactions almost after three years of its launch. And then exactly after one year i.e, in October 2020, UPI processed more than 2 billion transactions.

Surprisingly, it only took three months for the digital payments platform to reach 4 billion transactions from 3 billion transactions per month.

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UPI’s next target is to process $1 billion transactions per day in the next three to five years.  Experts believe that UPI’s AutoPay feature that allows recurring payments of up to RS 5,000 will contribute to achieving the set target.

What are your thoughts on the expanding digital payment methods in India? Do tell us through the comment section below.

 You can also check for online payment apps that has UPI feature and gives more cashback offers.

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Mansi Gupta
Mansi Gupta
"Fair and virtuous, Royal and gracious", this is how she represent herself. Hailing from the city of temples Jammu, she completed her studies in Himachal Pradesh. Being a student of journalism and mass communication, she was always passionate about writing and speaking. She has also worked as a news anchor and reporter for digital platforms. Currently, she is working as a full-time content writer. She strongly believes in the 'power of writing' as those little words make a huge difference.

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