UPI Transactions Made New Record of More than Rs 20 Lakh Crore in May

The scope of online payments has grown rapidly in the last few years. Unified Payments Interface (UPI) transactions have set a record in May. Last month, 14.04 billion UPI transactions were done, whose value was approximately 20.45 trillion dollars. This is an increase of six percent in terms of volume and four percent in value compared to April.

This is a growth of nearly 49 per cent in terms of volume and nearly 39 per cent in value, compared to the same month last year, as per data from the National Payments Corporation of India (NPCI). UPI This is the highest figure in volume and value since the launch of the FASTag system eight years ago. In May, FASTag transactions grew by six percent to 34.7 crores. Last month, the value of FASTag transactions increased to Rs 5,908 crore. However, Aadhaar Enabled Payment System (AePS) transactions declined by four percent to about nine crores in May.

With the increase in the scope of online payments, frauds in this segment have also increased. In the last financial year, frauds related to online payments increased by more than 400 percent to Rs 14.57 billion. Digital payments have grown rapidly since the introduction of UPI. This allows users to easily transfer payments from their smartphones. Data from the Reserve Bank of India (RBI) has shown that the value of transactions done through UPI has increased by about 137 percent in the last two years to reach about Rs 200 lakh crore. The scope of digital rupee has also increased in the country in the last few months.

RBI has issued many guidelines to make consumers aware about financial fraud. Campaign UPI is also being expanded abroad. UPI service has been launched in Sri Lanka and Mauritius. 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 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. UPI provides the facility of sending money through mobile apps.