Unified Payments Interface (UPI), the digital payment system that rides on smartphones and increased internet connectivity, has shown a quantum jump and is now a preferred mode of payment.
The Economic Survey released on 31st January said “the progress of UPI has been remarkable”. In the fiscal year ending March 31, 2022, UPI accounted for 52 per cent of the total 8,840 crore financial digital transactions. “In December 2022, UPI touched its highest-ever mark with Rs 12.8 lakh crore worth of transactions,” the survey said.
It showed that UPI transactions touched a new high in December with 782 crore transactions worth Rs 12.8 lakh crore. On an average, over 2019-22 calendar years, the growth in UPI-based transactions in value and volume terms has been 121% and 115%, respectively.