Here are some details and statistics of UPI:
UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).
It was launched in August 2016.
As of March 2023, there were over 250 million UPI users in India.
The total value of UPI transactions in March 2023 was over ₹8.27 trillion (US$107 billion).
The average daily value of UPI transactions in March 2023 was over ₹250 billion (US$3.2 billion).
UPI is the most popular digital payment method in India.
It is used for a variety of purposes, including peer-to-peer
payments, person-to-merchant payments, and bill payments.
UPI is a secure and convenient way to make payments.
It is regulated by the Reserve Bank of India (RBI).
Here are some of the benefits of using UPI:
UPI is instant. Transactions are processed in real time.
UPI is convenient. You can use it to make payments from your mobile phone.
UPI is secure. Your payments are protected by two-factor authentication.
UPI is free to use. There are no charges for using UPI.
If you are looking for a secure, convenient, and free way to make payments, then you should consider using UPI.
The latest UPI statistics as of May 2023, based on the provided search results:
In January 2023, UPI in India reported Rs 12.98 lakh crore transaction value1.
In March 2023, UPI recorded its highest-ever number of transactions at 8.7 billion worth Rs 14.05 lakh crore2.
In April 2023, UPI transactions reached a new high of 890 crore, which was a 59% increase from April 202234.
In April 2023, UPI transactions showed a significant increase compared to the same period last year5.
In April 2023, UPI failed to carry its momentum as the transaction volume slipped 0.24% to ₹ 14.07 Lakh Cr from INR 14.10 Cr in March6.
As of April 2023, UPI transactions reached ₹ 8.9 billion, at a value of ₹ 14.07 trillion4.
Source: 1 outlookindia 2 bqprime 3 timesnownews 4 india-briefing 5 indiatimes 6 inc42
According to the National Payments Corporation of India (NPCI), the total number of UPI transactions in April 2023 was over 2.5 billion, with a total value of over INR 5.5 trillion.
UPI has facilitated inter-bank, peer-to-peer, and merchant transfers, making financial transactions much more accessible for account holders [3].
The progressive advancement of UPI has not just constructed an efficient payment instrument, but it has connected millions in an inclusive manner [1].
UPI has the potential to be a major facilitator of financial inclusion in India, enabling a large portion of the population to access financial services [2].
The Indian government's push towards a digital economy has led to significant growth in digital payments, particularly through platforms such as BHIM-UPI, IMPS, PPIs, and NETC systems.
These payment methods have transformed digital payment ecosystems by increasing P2P and P2M payments.
The government has coordinated with multiple stakeholders to promote digital payments in a convenient, affordable, quick, and secure manner, with the objective of achieving a cashless society and enabling financial inclusion for all citizens.
Overall, UPI has been a game-changer for the Indian economy, enabling seamless and fast digital payments, reducing the reliance on cash, and bringing financial services to a large section of the population.
References:
[1] UPI: India's story of a financial revolution
[2] Unified Payments Interface (UPI): Transforming India's ...
[3] Benefits of UPI Made Revolution in Digital India