UPI has given India a unique identity in the whole world. Many countries have also implemented this payment system in their country. Indians have also liked UPI. Nowadays, people use UPIs on their phones for small transactions like vegetables, fruits, and rations and big payments. This is why the figure for UPI transactions is making new records every month.
National Payment Corporation of India (NPCI) released the data on UPI transactions on Saturday. It has been revealed that a new record of UPI transactions has been made in the country. A total of Rs 20.45 trillion of UPI transactions were made in May.
14.04 Billion UPI Transactions Took Place During May
According to NPCI data, UPI transactions in May 2024 increased by 49 percent in volume and 39 percent in value compared to 2023. A total of 14.04 billion UPI transactions were made during May, with a total transaction value of Rs 20.45 billion.
In April 2024, 13.30 billion transactions were done. In these transactions, Rs 19.64 trillion were made. Compared to April, an increase of 6 per cent in volume and 4 per cent in value has been registered in May.
Crossed The Biggest Figure Since Its Launch In April 2016
UPI was started in the country in April 2016, and this is the biggest figure since then. IMPS transactions also grew by 1.45 percent during this period, reaching 55.8 crores. Transactions worth Rs 6.06 trillion have been done through IMPS transactions, which has increased by 2.36 percent compared to Rs 5.92 trillion in April. In May, Fastag transactions also increased by 6% to 34.7 crores. Aadhaar-based payments (AePS) declined by 4% during this period and reached 9 crores.
