For the first time in October 2019, UPI crossed the 1 billion transaction mark in a month. Then within a year, there were two billion transactions in October 2020.
Know how UPI is becoming the preferred mode of digital transactions
Digital transactions are now becoming a habit of the people. Unified Payment Interface (UPI) became the preferred mode of transaction in 2021. From the number of transactions to its value, you have broken all the old records. The latest figures of the National Payment Corporation of India (NPCI) are showing that 456 crore transactions were done in the last month of December 2021. In terms of value, transactions amounting to more than eight and a half lakh crores were done (8.27 lakh crores).
UPI has become the preferred mode of digital transactions. The latest NPCI report shows that in 2021, transactions worth Rs 71.59 lakh crore were done through UPI.@priyankasambhav @journoshubh#money9 #UPI #NPCI pic.twitter.com/d3IRVS22Gt
— Money9 (@Money9Live) January 3, 2022
Transactions worth Rs 71.59 lakh crore happened in the year 2021
If compared to December 2020, then there has been a double increase in transaction and value. There have been 38 billion transactions worth Rs 71.59 lakh crore in the entire 2021. UPI, launched in 2016, has seen tremendous growth in the last two years. As soon as Kovid-19 started, people took UPI in such a hand that they saw the transactions increasing month after month.
In FY 2022, 50 percent digital payment will be done through UPI
For the first time in October 2019, UPI crossed the 1 billion transaction mark in a month. Then within a year, there were two billion transactions in October 2020. Then in the next ten months till August 2021, 3 billion transactions were completed. Then for the next three months continuously crossed the 4 billion mark.
Research firm Jefferies estimates that in the financial year 2022, 50 percent of digital payments in the country will be done through UPI. The reason for its popularity is the ease with which payment is made.
UPI makes changes from time to time for the convenience of the users
You create a UPI ID of your bank account with two layers of security, a more secure way than one click, the payment is made directly from the bank account. UPI also keeps adding new features to the payment method, which makes people more comfortable.
If the user wants, then payments of less than 5000 amount can be done through Auto Pay. Now that RBI is talking about the token system through cards, even then payment through UPI may seem easy to many people.
