The number of monthly UPI transactions rose over 58 per cent year-on-year in May, making it the highest volume and value ever recorded.
Data shows over nine billion transactions were made, amounting to over Rs 14 lakh crore.
The monthly transaction value for the same period climbed by 43 per cent compared to last year.
India's Unified Payments Interface (UPI) is one of the globally accepted payment systems and has emerged as a trusted payment mode ever since its launch in 2016.
The data also shows that India's homegrown payment system has processed over 83 billion transactions in fiscal 2023, amounting to Rs 139 lakh crore. This has grown from 38 billion transactions in financial year 2022, amounting to Rs 84 lakh crore.
In February, the government gave visitors to India access to UPI to shop in the country. Only visitors from G-20 countries are allowed to make UPI payments to start with, and only those arriving at certain airports.
With India holding G-20 presidency till November, foreign delegates have been invited to multiple events in the country.
In the past six years, there has been a massive jump in UPI transactions.
Non Resident Indians (NRIs) in 10 countries can access UPI services for transactions without having to depend on their India phone number. The countries are Singapore, the US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, the UAE and the UK.
from NDTV News- Special https://ift.tt/IAVgUfS
