Online shopping Surged: 730 crore UPI transactions in October, Rs 12.11 lakh crore transferred
Record increase in UPI transactions in the country. 730 crore transactions were done using UPI in October. 12.11 lakh crore rupees were transferred in 31 days. The figures were released by the National Payments Corporation of India (NPCI). This is the highest figure in a month since the launch of UPI service in 2016. UPI transactions also hit a record high during the festive season.
There has been a steady growth in UPI transactions in the country. Prime Minister Narendra Modi had lauded the achievement of UPI transactions crossing Rs 600 crore in July. This is the highest rate since UPI was launched six years ago. The number of transactions through UPI has increased by almost 100 percent. Also, transaction amounts increased by 73 percent in the month of October.
This year, the number of transactions has increased by 73 percent over the previous year, while the value of transactions has increased by 57 percent. UPI is an important part of online transactions in the country. The UPI platform recorded 680 crore transactions in September 2022. It reached Rs 730 crore in October this year, said Sanjeev Chandak, co-founder and CEO of fintech platform FTCash.
The report also states that around 76 percent of Indians now prefer to use UPI for online transactions. Indians are ready to visit and buy on apps/browsers and social media platforms as the physical, digital and virtual worlds converge, says a new report by financial services technology provider FIS.
Consumers are ready to transfer from small to large amounts through UPI, which has led to a sharp increase in UPI transactions. Transactions have also been made easier by placing QR codes in shops so that transactions can be done using any platform.
Increased presence of banks on UPI platforms has also increased the number of transactions. In August 2021, 235 banks were providing services through the UPI platform, and by August 2022, it had increased to 338 banks. There has also been an increase in the value of transactions. UPI’s next goal is to do 100 crore transactions per day in the next five years.
The UPI service was launched on April 11, 2016 by the then Reserve Bank Governor Raghuram Rajan. Meanwhile, the NPCI has informed that all UPI-based applications will require the prior permission of consumers before recording their location. Any time a client gives permission to record their location, this permission must also be conveyed to UPI, otherwise strict action will be taken against the company. It is proposed to implement this law by December 1.