NPCI TARGETS 30 Crore New Users for UPI Payments Service

The scope of digital payments has increased rapidly over the years. The National Payments Corporation of India (NPCI), which operate the Unified Payments Interface (UPI), plans to add 20 to 30 crore new users for UPI. Its retail users have more than 45 crores. India’s contribution to digital transactions in the world has increased to about 46 percent with UPI’s popularity increases rapidly. PWC report states that retail digital payments have increased by about 90 times in the last 12 years. In NPCI’s plan Upi Increasing features of. In the second half of the previous year, the value of transactions was increased to Rs 198 lakh crore with the use of mobile phones. This is an increase of about 30 percent on a year-on-year basis. It has an increased stake of UPI transactions.

According to a media report, in the second half of the previous year, mobiles were about 14.5 percent more than the amount spent through payments credit and debit cards. Transactions were about Rs 130 crore in transactions through UPI in payments from mobile. The strengthening of infrastructure associated with digital payments is a major reason behind this. UPI transactions are placed in two categories-Person-to-Person (P2P) and Person-to-CRINT (P2M). In the second half of the previous year, the average ticket size of all UPI transactions was about Rs 1,515.

In December last year, the total value of transactions through UPI was about Rs 23.25 lakh crore. In the previous month, this figure was about 21.55 lakh crore rupees. The average value of these transactions per day in December was around Rs 74,990 crore. In the previous month, the figure was about Rs 71,840 crore. NPCI recently extended the volume limit for these transactions for two years. Apart from this, it was allowed to provide UPI services for all users of WhatsApp. NPCI also removed the limit of connecting users associated with UPI on Whatsapp Pay. With this, these payment services can be provided to all the users of WhatsApp in the country.