January 3, 2023
UPI payments crossed the INR 12 trillion mark in October, last year
In November 2022, about 7.30 billion transactions amounting to INR 11.90 trillion took place through the platform
About 381 banks have been integrated with UPI
UPI has been a major tool in driving financial inclusion
Payments through the UPI reached INR 12.82 trillion in December 2022, according to a report from the Department of Financial Services.
About 7.82 billion transactions in terms of volume occurred through UPI in December, last year, reaching a record high.
UPI payments crossed the INR 12 trillion mark in October, last year. Media reports said that In November 2022, about 7.30 billion transactions amounting to INR 11.90 trillion took place through the platform. The inexpensive medium for cashless transactions has been gaining traction on a month-on-month (MoM) basis.
Experts said that UPI has been a major tool in driving financial inclusion as it allows money to be transferred between multiple accounts without the necessity for separate profiles for each transaction. This makes the platform’s interface quite simple for users.
Since its launch in 2016, UPI has been the most preferred platform for Indians to make and receive payments. With more penetration among users and merchants across different locations—domestic and international, UPI can turn into an important financial tool across the world.
Source: Business Standard