UPI Transactions: The Unified Payments Interface (UPI) platform processed 7.3 billion transactions in October, the highest record for a bumper festive season in India. According to the National Payments Corporation of India (NPCI), UPI processed 7.3 billion transactions worth Rs 12.11 trillion in October. UPI has been a game changer in real-time payments and is the most preferred payment option.
The UPI platform recorded 6.8 billion transactions in September 2022. Sanjeev Chandak, co-founder and CEO of fintech platform ftcash, said the number of transactions reached 7.3 billion in October due to the festive season. He said that digitalization is enabling India to become a cashless economy. The increase in UPI transactions shows India's moving towards digitization. This is the first time that UPI has crossed the Rs 12 lakh crore mark. According to the plan of the Government of India, there is a plan to do 1 billion transactions a day, which is much higher than the current 176.42 million daily transactions.
UPI was launched in 2016
UPI launched in 2016 crossed 1 billion transactions in October 2019. So far in FY23, UPI has processed 44.32 billion transactions worth Rs 75 trillion. About 76 percent of Indians now use UPI during online checkout, while more millennials (84 percent) are now using UPI when shopping online.
digital rupee
On the other hand, the Reserve Bank of India is today launching a pilot project of the Digital Rupee in India for the wholesale segment. These currencies will be issued by the central bank.
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