India Registers Estimated 131 Billion UPI transactions in Last Financial Year

There were about 131 billion Unified Payments Interface (UPI) transactions in the country in the last financial year. Their total value was about Rs 200 lakh crore. According to the data of the National Payments Corporation of India (NPCI), about 83.7 crore UPI transactions were done in the previous financial year, whose value was about Rs 139 lakh crore.

In UPI Mobile Facility of sending money is available through apps. Finance Minister Nirmala Sitharaman said that digital payment technology is being used even in rural areas of the country. She said, “Ordinary citizens of the country are doing UPI transactions. These are not only Adani and Ambani, these are ordinary sellers.” PhonePe’s share in UPI transactions is 48.3 percent and Google Pay’s is 37.6 percent. After imposing restrictions by the Reserve Bank of India (RBI), Paytm Payments Bank ‘s market share has decreased. Sitharaman said that in the next few years India will become the third largest economy in the world.

In the last few years, the scope of UPI has increased rapidly. It is also being expanded abroad. Recently UPI service was launched in Sri Lanka and Mauritius. India’s bilateral economic relations with both these countries are getting stronger. RuPay card service has also been launched in Mauritius. This will make UPI service available to Indians traveling to Sri Lanka and Mauritius. Prime Minister Narendra Modi had described it as connecting historical relations with modern digital technology. Modi said that UPI has taken on the new responsibility of uniting allies with India. He had said, “This is a special occasion for the three friendly countries in the Indian Ocean region as our historical relations are being combined with modern digital technology.”

The reach of digital rupee is also increasing in the country. This has helped RBI to achieve its target of 10 lakh transactions per day by the end of last year. Central Bank Digital Currency (CBDC) or e-rupee has been developed using distributed ledger technology as a digital alternative to cash.