UPI Breaks Record! 14.04 Billion Transactions In May, Sees 49% Year-on-Year Growth | Economy News

June 2, 2024

NEWS

New Delhi: The National Payments Corporation of India (NPCI) has released its latest update on Unified Payments Interface (UPI) transactions for May, June 1. UPI transaction volume soared by 14.04 billion in May, as per the NPCI. This marked a notable increase from 13.30 billion transactions recorded in the previous month.

UPI transactions totalled Rs 20.45 lakh crore in May in terms of transaction value and the average daily transaction count on UPI reached 453 million with an average daily transaction value of Rs 65,966 crore. (Also Read: Gold Price Falls in India: Check 24-Carat Rates in Your City Today)

Both the NPCI and the Reserve Bank of India (RBI) are exploring new use cases for UPI and extending its reach into the rural economy. Unified Payments Interface (UPI) developed by NPCI has been a tremendous success and is already operational in countries like Singapore and the UAE. (Also Read: Markets Likely To See Bull Rally Next Week As Lok Sabha Election Jitters Go Away)

UPI is an instant real-time payment system that facilitates inter-bank transactions, making it easier for people to transfer money quickly and securely.

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National Payments Corporation of India NPCI RBI reserve bank of india UPI UPI Transactions