UPI hits record high in payments worth Rs. 12.82 Lakh Crore in December 2022

Payments through the Unified Payment Interface (UPI) hit a record high of Rs. 12.82 lakh crore in December. During the month, 782 crore in volume trades were made on the platform, which was launched in 2016.

“UPI has made a major contribution to ushering in the digital payment revolution in the country. In December 2022, UPI crossed 7.82 billion transactions worth Rs. 12.82 trillion (Rs. 12, 82 lakh crore),” the Ministry of Financial Services said in a tweet on Monday. .

Payments via UPI had crossed the rupees. 12 lakh crore mark in October this year.

As of November, up to 730.9 crore of transactions worth Rs. 11.90 lakh crore had taken place through UPI.

UPI is a real-time instant payment system that facilitates peer-to-peer (P2P) interbank transactions. The transaction is done via mobile in a few simple steps. Additionally, there are no fees applicable to UPI transactions.

The low-cost medium for cashless transactions is gaining momentum month on month and 381 banks are active in it.

UPI transactions have increased significantly in terms of volume and value over the past year, said Spice Money founder Dilip Modi.

“The main advantage of UPI is the convenience it brings. UPI allows money to be transferred between multiple accounts without the need for separate profiles for each transaction, making transactions easier for the user. another reason is that UPI is a simple, fast and secure way to transact. UPI has been a major tool in fostering financial inclusion,” he said.

A few days ago, Paytm also released its summary report for 2022, calling on the National Capital Region of Delhi to become the digital payments capital of India. Meanwhile, Katpadi of Tamil Nadu has been claimed as the fastest growing city for digital payments with 7X growth in 2022. It was also noted that the peak number of payments was made at 7:23 p.m., Wednesday becoming the busiest day of the week for digital operations.

---