Digital Payment: Another record in the name of UPI, 14.3 lakh crore transactions happened in May

NPCI's UPI has once again proved that it is the king of digital transactions. Transactions worth Rs 14.3 lakh crore have taken place through UPI last month, which is 37 percent more than a year ago.

Jun 2, 2023 - 21:30
 0
Digital Payment: Another record in the name of UPI, 14.3 lakh crore transactions happened in May

Online transactions in India are setting new records every day. Unified Payments Interface (UPI), which makes these transactions easy and fast, has once again created a record in its name. UPI's parent company National Payments Corporation of India (NPCI) has released this data.
Releasing the data, NPCI said that a total of 941 crores (9.41 billion) transactions have taken place through UPI in the last month of May. If we talk about the value of these transactions, then last month there was a transaction of Rs 14.3 lakh crore, which is 37 percent more than a year ago.
NPCI said that the total volume of digital transactions has seen a growth of 58 percent on a year-on-year basis. At the same time, in the first month of the new financial year i.e. April, a total of 386 crore person-to-person payments were made through UPI.
On the other hand, if we talk about person-to-merchant transactions, then this number was 503 crores. Let us tell you that a total of 8,300 crore transactions have taken place in FY23, whose value was Rs 139 lakh crore.
As the number of UPI transactions is increasing, so are the cases of fraud related to it. Over 95,000 fraudulent UPI transactions have been reported in FY23, according to a Finance Ministry report.
Fraudsters have now started doing UPI fraud by sending you a link to the payment app. Fraudsters are duping you through phishing scams, payment request links, and fake links.
The government-owned National Payments Corporation of India (NPCI) has created the UPI which was launched in August 2016. To take advantage of UPI, you have to create a virtual payment address which you have to link with your bank account.
To make payments through UPI, your phone number needs to be linked to your bank account.

Muskan Kumawat Journalist & Writer