India is progressing at a fast pace in terms of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transactions. Along with this, month after month is making new records in terms of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transactions. In the case of Unified Payment Interdata-face (UPI) transactions, india has crossed the Rs 10 lakh crore mark in May 2022. According to the latest data of the National Payments Corporation of india (UPI), this is the first time that india has crossed the 10 lakh crore milestone in terms of UPI transactions, which is a new record.
1 trillion dollar transactions in the financial year 2021-22
The Instant Real Time Payments System has recorded 595 crore UPI transactions in this goods, which was 558 crore in April. During the COVID-19 pandemic in march 2020, the number of UPI transactions was 124 crores, with a total amount of Rs 2.06 lakh crore. There has been an increase of 117 percent in the number of UPI monthly transactions in May 2022 as compared to May 2021. UPEI transactions have crossed the $1-trillion mark in the financial year 2021-22.
Government started many new schemes
There are many schemes of NPCI due to increase in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment. Recently, the facility of UPI transactions in offline mode has been started from the smartphone. Also, the facility of UPI transactions has been started through UPI 123Pay service from feature phones. Recently, a circular has been issued by NPCI and it has been informed that how can UPI payment be done through offline mode?
What is the market share of which UPI platform?
PhonePe, google pay and paytm Payments bank dominate india in terms of UPI transactions. If we talk about UPI transactions of these three platforms, then PhonePe has a total share of 47 percent in the UPI market. While the market share of google pay is 35 percent. While the market share of paytm Payments bank is 15 percent.