UPI Transaction: The Unified Payments Interface (UPI) platform handled a record-breaking 7.3 billion transactions in the month of October. This was due to India’s festive season.
The National Payments Corporation of India (NPCI) says that in October, UPI handled 7.3 billion transactions worth Rs 12.11 trillion.
The number of transactions went up 73%, and the value of those transactions went up 57%
“UPI is the most popular form of instant payment because it revolutionized the business.”. In September 2022, 6.8 billion transactions were made on the UPI platform. During the festive season, the number of transactions rose to 7.3 billion in October “The co-founder and CEO of the fintech platform ftcash, Sanjeev Chandak, said.
“Digitization is making it possible for India to become a cashless economy, and the rise in UPI transactions shows that digitization is on the rise,” he said.
UPI started in 2016, and in October 2019, it reached 1 billion transactions
Up to this point in FY23, the UPI has handled 44.32 billion transactions worth a total of Rs 75 trillion.
Nearly 76% of Indians now prefer to use UPI (unified payments interface) when checking out online, and more millennials (84% of them) now use UPI when shopping online.
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As the real, digital, and virtual worlds come closer, new research from the financial services technology company FIS shows that Indians are willing to explore and buy within apps/browsers as well as from social media platforms.
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