UPI Transactions Made New Record of More Than Rs 20 Lakh Crore in May

In the last few years, the scope of online payments has increased rapidly. In May, Unified Payments Interface (UPI) Transactions set a record. Last month, 14.04 billion UPI transactions took place with a value of about 20.45 million million dollars. This is a six percent increase in volume and four percent in value as compared to April.

According to data from the National Payments Corporation of India (NPCI), it is about 49 percent of the Volume and about 39 percent growth in value as compared to the same month of the previous year. This is the highest figures in volume and value since the UPI’s start eight years ago. In May, the fastag transactions rose six percent to 34.7 crore. Last month, the value of Fastag Transactions was increased to Rs 5,908 crore. However, in May, the Aadhaar Enabled Payment System (AEPS) transactions declined by four percent to about nine crores.

Fraud has also increased in this segment as the scope of online payments increases. In the last financial year, frauds associated with online payment increased by more than 400 percent to Rs 14.57 billion. Digital payments have increased rapidly since the start of UPI. With this, users can easily transfer payments from their smartphones. The data from the Reserve Bank of India (RBI) has shown that the value of transactions made from UPI in the last two years has increased by about 137 percent to about 200 lakh crore. The scope of digital rupee has also increased in the country in the last few months.

The RBI has also started several camps to make consumers aware of financial fraud. UPI is also being expansion abroad. The UPI service has been launched in Sri Lanka and Mauritius. Rupay Card Service has also been launched in Mauritius. This will provide UPI service to Indians traveling in Sri Lanka and Mauritius. Prime Minister Modi described it as connecting historical relations with modern digital technology. Modi said that UPI has taken new responsibility to unite allies with India. UPI provides facility to send money through mobile apps.