Daily UPI transactions crossed 36 crore in one year: RBI Report

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UPI transactions: Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.

In value terms, these transactions are worth ₹6.27 lakh crore, registering a growth of 17 per cent from ₹5.36 lakh crore in February 2022. He also said the overall monthly digital payment transactions crossed over ₹1,000-crore-mark each month during the past three months.

What Shaktikanta Das said?

“Our payment systems are talked about globally and several countries have shown interest to replicate our success story. It is a matter of pride that our payment systems have witnessed over 1,000 crore transactions every month since December 2022. This speaks volumes of the robustness of our payments ecosystem and acceptance by consumers. A recent pan-India digital payments survey (covering 90,000 respondents) revealed that 42 per cent of respondents have used digital payments,” Das said.

In terms of volume, the number of UPI transactions exceeded 800 crore in January 2023, while NEFT (National Electronic Funds Transfer) witnessed the highest ever daily volume of 3.18 crore transactions on February 28.

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The UPI was launched in 2016, and since then it has emerged as the most popular and preferred payment mode pioneering person-to-person and person-to-merchant transactions accounting for 75 per cent of the total digital payments.

The volume of UPI transactions has increased manifold from 0.45 crore in January 2017 to 804 crore in January 2023. The value of UPI transactions has increased from just ₹1,700 crore to ₹12.98 lakh crore during the same period.

Acceptance of digital payments infrastructure has increased from 17 crore touch points to 26 crore touch points, which is an increase of 53 per cent.

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The governor also launched ‘Har payment digital’ mission which seeks to reinforce RBI’s commitment to deepen digital payments in the country. The national automated clearing house (NACH) system has also facilitated the direct benefit transfers (DBT) payments digitally and eliminating leakages in the system.

Das further said the RBI has decided to adopt 75 villages by involving village-level entrepreneurs as part of the 75 digital villages programme. Under this programme, PSOs will adopt 75 villages and convert them into digital payment enabled villages.

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