UPI Records Highest Volume of Transactions in April 2022: NPCI
May. 3, 2022In March this year,UPI saw 5.4 billion transactions worth Rs 9.6 trillion. So, on a month-on-month basis, the digital payments platform saw a 3.33% rise in transactions and a 2.36% increase in the value of transactions in India.
Now, some of the primary reasons for the drastic increase in UPI payments in India includecashback initiatives from companies like Google Pay, Paytm, and even WhatsAppisplanningto do the same again. This is to lure more users toward the digital payments sector. The government is also testing initiatives like123Pay, which lets feature phone users make digital payments without an active internet connection, andUPI Liteto furtherboost the digital payments sector in India.
Going forward, the digital payments sector is expected to further expand as more users switch from physical payments to the digital way. NPCI aims for UPI transactions worth $1 billion a day in the next 3 to 5 years. So, what do you think? Do let us know your thoughts on the expanding digital payments sector in India in the comments below.
A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.
