UPI Transactions Increasing With Fast Speed, Makes Record in December

The popularity of Unified Payments Interface (UPI) is increasing rapidly. Transactions through UPI increased by about eight percent in December to about 16.73 billion. According to data from National Payments Corporation of India (NPCI), about 15.48 billion transactions were done through UPI in November.

The total value of transactions through UPI in December was approximately Rs 23.25 lakh crore. In the previous month, this figure was approximately Rs 21.55 lakh crore. The average value of these transactions per day in December was about Rs 74,990 crore. In the previous month this figure was approximately Rs 71,840 crore. UPI NPCI, which operates the co, had recently extended the volume limit for these transactions for two years.

Earlier this week, permission was given to make UPI services available to all users of WhatsApp. NPCI has removed the limit on adding UPI connected users on WhatsApp Pay. With this, all the users of WhatsApp in the country will be able to get these payment services. Earlier, NPCI had allowed WhatsApp Pay to increase the number of users connected to its UPI in a phased manner. There was a limit of 10 crore users for WhatsApp. This limit has been removed by NPCI. In the notification issued in this regard, it was said, “The limit on adding users for WhatsApp Pay has been removed. The existing UPI guidelines and circulars applicable for TPAP will continue to be followed by WhatsApp Pay.”

Last year, NPCI had launched UPI One World wallet service for non-resident Indians (NRIs) and international travelers visiting the country. This will allow those travelers who do not have an Indian bank account to access UPI and make payments. NPCI has started this service in collaboration with IDFC First Bank and Transcorp International Limited under the guidance of Reserve Bank of India (RBI). NPCI had said that travelers visiting the country will be able to make digital payments to merchants securely with UPI One World Wallet. For this, foreign travelers and NRIs will have to download a prepaid payment instrument – ​​UPI app.