Friday, December 2, 2022

The nation is transitioning to a cashless economy; 84% of Digital Payment UPI were done using UPI; major payments were made via credit and debit cards, but minor payments were made via UPI or wallet.

The nation is quickly transitioning to a cashless economy. In the second quarter of the year, from April to June, there were a total of 20.57 billion digital transactions, according to a Worldline report. 83% of these transactions used Digital Payment UPI (UPI). The last quarter saw transactions worth a total of Rs 36.08 lakh crore, measured in volume. UPI had an 84% stake in this.

cashless economy

cashless economy 1

cashless economy2

Transactions worth Rs 11 lakh crore

in September through Digital Payment UPI. In September, a total of Rs 11.16 lakh throughout transactions were made in the nation using UPI, according to NPCI’s data on UPI payments. This number is greater than it was in August. 10.72 lakh crore worth of transactions were made over UPI in August.

768 crores, or 7.68 billion times, worth of transactions were made over UPI in September 2022. UPI payments of 657 crores, or 6.57 billion times, were made in August at the same time.

Read More: FD Return: According to the annual inflation rate, understand the FD returns of these 5 banks, see how you will get the benefit

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