UPI payment crosses Rs 11 lakh crore milestone in September: NPCI data

Payment via Unified payments interfacee (UPI) has crossed a milestone of Rs 11 billion in September, according to data released by the National Payments Corporation of India (NPCI).

During the month, 678 million transactions were made in volume on the platform launched in 2016.

Payment through UPI had crossed Rs 10 billion by May this year.

Last month, as many as 657.9 million transactions worth Rs 10.72 crore had been made.

UPI is a real-time instant payment system that facilitates peer-to-peer (P2P) interbank transactions. The transaction is carried out via mobile in simple steps. Also, there are no charges applicable for UPI transaction till now. Also, UPI has played a key role in the country becoming almost a cashless economy.

The economic medium for cashless transactions has been gaining strength month by month.

According to NPCI data, the transaction value of UPI digital payments moderated marginally to Rs 10,14,384 crore in June 2022 from Rs 10,41,506 crore in May. It rose to Rs 10,62,747 crore in July.

Payment through UPI is expected to create another record in terms of both transaction and value during the festival months of October and November.

The key advantage of UPI is that it has removed the hassle of third-party payments, Spice Money CEO Sanjeev Kumar said.

While services like net banking require processes like OTP generation, which is also a major source of digital fraud in India, money can be moved between numerous accounts using UPI without the need for unique profiles for each transaction, he said.

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