The overall transaction rate for the fiscal year 2024–2025 was 83.7 percent, up from 79.7 percent the previous year. According to the RBI, UPI will be extended to roughly 20 nations worldwide by 2028–2029.
UPI Transactions in India: Given that 18.68 billion transactions were completed in May alone, you can probably infer how quickly people’s preference for digital payments has grown. This is a 4 percent increase over April. 17.89 billion transactions were completed in April. If we consider it in terms of money, the transaction in May amounts to Rs 25.14 lakh crore, whereas in April it was Rs 23.95 crore.
An annual rise of 33 percent
The National Payment Corporation of India reports that although UPI payments have climbed by 33% from the previous year, they have increased by roughly 14% since April. An average of 602 million transactions occurred every day in May. It is worth Rs 81,106 crore in total.
It is important to note that UPI, which was introduced in the nation in 2016, has become more well-known, particularly since demonetization. While smartphones have quickly spread throughout society, digital payments have also been reinforced by apps like PhonePe, Google Pay, and Paytm. UPI has quickly broadened its reach in digital payments in such a scenario.
The acceptance of UPI grew quickly.
The overall transaction rate for the fiscal year 2024–2025 was 83.7 percent, up from 79.7 percent the previous year. According to the RBI, UPI will be extended to roughly 20 nations worldwide by 2028–2029. Bhutan, France, Nepal, Mauritius, Singapore, Sri Lanka, and the United Arab Emirates have already accepted the Indian UPI app via QR code. This has made using the UPI app to make payments extremely simple for Indian travelers, businesspeople, and students.
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