The expansion of digital payments in India has only grown more and in December the transactions on the Unified Payments Interface (UPI) breached the ₹4-lakh crore mark in terms of value.
According to data made available by the National Payments Corporation of India, the transactions on the UPI platform amounted to ₹4,16,176.21 crore in December with a total of 223.41 crore payments processed.
In November, UPI had recorded 2.21 billion transactions worth Rs 3,90,999 crore.
Ever sicne UPI was launched in 2016, it crossed the one billion transactions benchmark for the first time in October 2019.
Indians were a little slow to avail the benifit of UPI which is why it took three years to reach a billion transactions in a month. However, once that target was breached, the next billion came in just a year.
Transactions on the Immediate Payment Service (IMPS)also rose to 35.56 crore amounting to ₹2.92-lakh crore in December.
As per data made avaialble by the Reserve Bank of India, IMPS recorded 355.69 million transactions in December, worth Rs 2.92 trillion, an all-time high, up 38.68 per cent in volume terms year-on-year and 38.58 per cent in value terms.
Bharat Bill Payment System (BBPS) recorded 26.22 million transactions in December, worth Rs 3,962.76 crore.
Not to be left behind, FASTag, an electronic toll collection system in India, operated by the National Highway Authority of India. registered record-high payments. The NHAI FASTag did transaction of ₹13.84 crore transactions worth ₹2,303.79 crore in December.
Transactions on NETC FASTag alsl had risin to 12.48 crore worth ₹2,102.02 crore in November.
A while back, Bill Gates, who is one of the worlds foremost philanthropists hailed India’s policies for innovation in financial inclusion. He perticulalry singled out ndia’s platforms like the Unified Payments Interface (UPI) and the Aadhaar, which he said have drastically reduced the cost of money distributed among the poor.