According to data released by the National Payments Corporation of India (NPCI), the value of Unified Payments Interface (UPI) transactions crossed $1 trillion in FY22. As per NPCI’s data, 504 crore transactions were recorded by March 29 itself.
The UPI has recorded transaction values of Rs 83.45 lakh crore in FY22. $1 trillion amounts to approximately Rs 75.82 lakh crore. UPI saw transactions worth Rs 8.88 lakh crore as of March 29, a growth of 7.5 percent over February.
The usage of UPI as a payment channel is set to increase further as payments for feature phone users gets enabled. The payments mode is now inching closer to Rs 9 lakh crore in monthly transaction values.
The NPCI is nearly ready for a pilot launch of wallet-based UPI payments named UPI Lite. It will enable transactions of up to Rs 200 at a time with wallet balances capped at Rs 2,000. The on-device wallet service will be in line with the Reserve Bank of India’s (RBI) framework for offline digital payments.
Apart from the launch of a UPI enablement for feature phone users, the payments ecosystem is also working to enable Aadhaar OTP-based UPI on-boarding which will not require users to have a debit card.
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