Reflecting its growing popularity and adoption, the value of transactions on the Unified Payments Interface (UPI) crossed a new milestone of ₹10-lakh crore in May 2022.

As many as 595 crore transactions worth ₹10.41-lakh crore were processed on the UPI platform in May this year from 558 crore payments of ₹9.83-lakh crore in April 2022, according to data released by the National Payments Corporation of India. It is expected that the volume of transaction will cross the 600 crore mark this month.

UPI transactions had crossed the ₹1-lakh crore mark in December 2018 and after a dip in April 2020, the volume and value of payments on the platform have been steadily on the rise. NPCI has set a target of 100 crore transactions on UPI per day over the next three to five years.

Digital payments, especially the use of UPI, gained significant traction during the pandemic that led to social distancing. UPI payment options are now being extended to feature phones as well.

Spike in IMPS

With the opening up of the economy, other digital payment means also registered steady growth in May. The Immediate Payment Service clocked 48.48 crore transactions in May 2022 totaling ₹4.52-lakh crore as compared to 47.16 crore payments worth ₹4.44-lakh crore in April this year.

Similarly, NETC FASTags registered 28.53 crore transactions valued at ₹4,369.36 crore last month as against 26.59 crore transactions worth ₹4,218.89 crore. Aadhaar Enabled Payment System (AePS) also saw modest growth with 10.98 crore payments worth ₹30,458.75 crore in May. About 10.2 crore payments amounting to ₹28,450.25 crore took place via AePS in April this year.