UPI Reaches Record High Of Payments Worth Rs. 12.82 Lakh Crore in December 2022

Funds by way of the Unified Funds Interface (UPI) touched a report excessive of Rs. 12.82 lakh crore in December. Through the month, 782 crore transactions in quantity phrases had been carried out on the platform, which was launched in 2016.

“UPI has made main contribution in ushering digital cost revolution within the nation. In December 2022, UPI has crossed 7.82 billion transactions price Rs. 12.82 trillion (Rs. 12.82 lakh crore),” the Division of Monetary Companies mentioned in a tweet on Monday .

Funds by way of UPI had crossed the Rs. 12 lakh crore mark in October this yr.

In November, as many as 730.9 crore transactions price Rs. 11.90 lakh crore had taken place by way of UPI.

UPI is an on the spot real-time cost system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is completed by way of cellular in straightforward steps. In addition to, there aren’t any prices relevant for UPI transactions.

The cheap medium for cashless transactions has been gaining traction month-on-month and 381 banks are dwell on it.

UPI transactions have elevated dramatically in each quantity and worth phrases during the last yr, Spice Cash founder Dilip Modi mentioned.

“The principle benefit of UPI is the comfort it brings with it. UPI permits cash to be transferred between a number of accounts with no need separate profiles for every transaction, making it straightforward for the person to transact. Another excuse is that UPI is an easy, quick and safe method of transaction. UPI has been a serious device in driving monetary inclusion,” he mentioned.

Just a few days again, Paytm additionally launched its Recap report for 2022, calling Delhi-Nationwide Capital Area emerged as India’s digital funds capital. In the meantime, Tamil Nadu’s Katpadi was claimed to be the fastest-growing metropolis for digital funds with 7X progress in 2022. It was additionally famous that the utmost variety of funds have been carried out at 7.23 pm with Wednesday rising because the busiest day within the week for digital transactions.