UPI reaches new heights with 5.58 billion transactions in April 2022

• This is the highest number of monthly UPI transactions ever since the launch of this digital payments system in 2016.
• The payments platform witnessed transactions worth ₹9.83 lakh crore last month.
• The payments system recorded over 45 billion transactions worth ₹84 lakh crore in the fiscal year 2022.

The data shared by the National Payments Corporation of India (NPCI) has revealed that 5.58 billion transactions were carried out through Unified Payments Interface (UPI) in April 2022. This is the highest number of monthly UPI transactions ever since the launch of this digital payments system in 2016.

The payments platform witnessed transactions worth ₹9.83 lakh crore last month.

In comparison, UPI registered 5.4 billion transactions worth ₹9.6 lakh crore in March 2022, which means that the volume of transactions grew 3.28% and the value of transactions dipped 2.36% in April.

UPI is among the most popular digital payments methods available in the country at the moment. After all, the system has been designed to enable payments in a matter of seconds.

The payments system recorded over 45 billion transactions worth ₹84 lakh crore between April 2021 and March 2022, or the fiscal year 2022. This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year.

Walmart-owned PhonePe has facilitated the most UPI transactions over the last two fiscal years. According to simple calculations based on the monthly payments data shared by NPCI, PhonePe carried out 20.7 billion UPI transactions in FY2022, which roughly represented 46% of the overall transactions.

It was followed by Google Pay, which facilitated 35%, or 15.8 billion, of such transactions. It was followed by Paytm, or rather Paytm Payments Bank, with 13% market share. WhatsApp carried out 17 million transactions last fiscal year.

NPCI is expected to share the app-based data for April in the second week of May.

In order to further spread the usage of UPI, the Reserve Bank of India’s (RBI) has enabled the payment method for feature phone users and in offline mode with the launch UPI123Pay in March 2022.

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