Transactions through the UPI system have reached a new record level in the country. A record 8.7 billion transactions were recorded through UPI in the data released today for the month of March. Whose value has become Rs 14.05 lakh crore. Which is a new record so far. It is noteworthy that for the third consecutive month since January this year, more than 8 billion transactions have been recorded through UPI.
In March 2022, the number of transactions through UPI will be 5.4 billion.
Let us tell you that last year in March 2022, 5.4 billion transactions were registered through UPI. Whose value was 9.6 lakh crore rupees. Thus, an annual increase of 60 percent in transactions and 46 percent in value has been registered in the month of March this year. According to experts, these transactions are likely to increase further in future. Meanwhile, a senior government source said India is ready to provide not only technical expertise but also funds to low- and middle-income countries that need help improving or developing their digital payment systems. has an interest in.
India can showcase UPI in G20 chairmanship
T Ravi Shankar, deputy governor of the Reserve Bank of India, said last month that the Caribbean and South Pacific regions and some Latin American countries are keen to use Unified Payments Interface or similar technology. Funding such an exercise would give a new direction to India’s outreach to middle and low income countries. Success in digital public infrastructure like Aadhaar, UPI is something India wants to showcase in its G20 presidency.
Transaction free until the policy is reviewed
The charges applicable for some payments made by National Payments Corporation of India on United Payments Interface ecosystem may not necessarily be applicable for all UPI. Around 99.99% of UPI transactions (account-to-account transfers) will be free for both consumers and merchants. Also, till the time the government decides to review the policy, the facility will remain free.
