UPI payments reach record high of Rs 12.82 lakh crore in December; details here

Unified Payments Interface (UPI) payments touched a record high of Rs 12.82 lakh crore in December last year. A total of 782 crore transactions in terms of volume were made on the platform during the month. The Department of Financial Services tweeted on Monday that major contributions have been made by the UPI in ushering in the digital payment revolution in India. It went on to add, “In December 2022, UPI crossed 7.82 billion transactions worth ₹12.82 trillion.” The UPI platform was rolled out in 2016. Payments via UPI had crossed Rs 12 lakh crore mark in October 2022. In November, as many as Rs 730.9 crore transactions, amounting to Rs 11.9 crore, were made through UPI.Have a look at the official tweet here:The founder of Spice Money, Dilip Modi, told Mint that UPI transactions have dramatically increased in both volume and value terms in the past year.Dilip Modi said, “The main advantage of UPI is the convenience it brings with it.” He added that UPI enables the transfer of money between multiple accounts without the requirement of separate profiles for each transaction. Dilip further mentioned that UPI is a simple, fast, and secure way of handling transactions. According to him, it has been a major tool in driving financial inclusion.UPI is an instant real-time payment system and it facilitates inter-bank peer-to-peer (P2P) transactions. The transactions are made via mobile phones easily with simple steps. No charges are applied on UPI transactions.UPI was developed by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI). In order to benefit from the UPI platform, the user needs to have an active bank account, a smartphone, an internet connection, and a mobile number. It should be noted that the mobile number is required to be active and linked to the bank account. The UPI interface is compatible with most banks and various digital wallets.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.