In a first, UPI transactions hit five billion a month in March

According to data shared by the National Payments Corporation of India (NCPI), UPI recorded 504 crore transactions up to March 29 for a value of Rs 8,88,169 crore. The account-to-account fund transfer platform had crossed 400 crore transactions in the month of October 2021, hitting a new record.

ETtech

The record number for four weeks in March comes after a marginal decline in February this year when the value of retail transactions dipped to Rs 8.27 lakh crore from Rs 8.32 lakh crore in January 2022.

The number of transactions in February also dipped marginally to 452 crore from 461 crore in January. The payment channel, which is only five years old, grew from zero in June 2016 to a billion transactions a month in October 2019. UPI has been scaling new records month-on-month in terms of transaction volume and value because of increased penetration among users and accepting merchants.

Also, NPCI has been adding new functionalities such as UPI Autopay to enable recurring payments and IPO via UPI.

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This article originally appeared in The Times of India.