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. 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. 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.
