The Unified Payments Interface (UPI) has breached the $1-trillion mark in transaction values for the financial year 2021-22, a major milestone for the payments system which has witnessed substantial growth over the past two years and led to further digital adoption for payments and financial services, Trend reports citing Money control.
According to data until March 29 by the National Payments Corporation of India (NPCI), which operates and manages UPI payments, UPI has recorded transaction values of Rs 83.45 lakh crore in FY22. As per the current conversion rate, $1 trillion amounts to approximately Rs 75.82 lakh crore.
The payments system crossed the 500-crore mark in volumes for the first time in March. As per NPCI’s data, 504 crore transactions were recorded by March 29 itself.
In terms of transaction values for the month, UPI saw transactions worth Rs 8.88 lakh crore as of March 29, a growth of 7.5 percent over February.
Over the past two years, UPI has seen a significant rise in transactions aided by the pandemic and the subsequent widespread adoption of digital payments in India. The payments mode has broken multiple records in the past two years and is now inching closer to Rs 9 lakh crore in monthly transaction values.