UPI transactions shot up to Rs 83.2L crore in 2022 amid govt push [details]

Unified funds interface (UPI) transactions rose manifolds between 2018 and 2022 in phrases of worth in addition to quantity, by 1,320 per cent and 1,876 per cent respectively.

In 2018, UPI transactions in phrases of quantity stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022.

In phrases of worth, the UPI transactions had been Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022.

RBI had in February this yr allowed entry to overseas nationals and NRIs visiting India by enabling them to make funds utilizing UPI whereas they’re in India.

This facility has been prolonged to travellers from G20 international locations at choose worldwide airports (Bengaluru, Mumbai and New Delhi) for his or her service provider funds.

Further, a provision has additionally been made by RBI to present UPI entry to NRIs who’ve worldwide cellular numbers linked to their NRE or NRO accounts.

Also the National Payments Corporation of India (NPCI) has stated that the ability is allowed for 10 international locations particularly Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE and United Kingdom.

The UPI acceptance in overseas international locations began in 2022.

NPCI International Payments Limited (NIPL), a completely owned subsidiary of National Payments Corporation of India (NPCI), is accountable for internationalisation of UPI.

RBI has been facilitating engagements for the growth of UPI in international locations which have potential for collaboration, official sources stated.

UPI transactions have been on the rise over the previous few years owing to the arrival of a number of such interfaces, and folks more and more utilizing them to make all kinds of funds, with small shopkeepers to large establishments preferring such modes of funds, a finance ministry official stated.

Also the federal government has been aggressively selling these modes of funds, particularly the BHIM app, which has step by step led to their improve, each in phrases of quantity and worth, the official stated.

(With inputs from IANS)