UPI transaction increased rapidly in 1 year

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday that the payments have increased rapidly in the last 1 year through the Unified Payment Interface (UPI). Daily transactions have also crossed 36 crore, which is 50% more than 24 crore in February 2022.
According to the value, these transactions are worth Rs 6.27 lakh crore, which is 17% more than a transaction of Rs 5.36 lakh crore in February 2022. Shaktikanta Das informed the reporters about this while launching digital payments Awareness Week at RBI headquarters.
Shaktikanta Das has also told that in the last three months, from December 2022, the overall monthly digital payment transactions of every month have been more than Rs 1,000 crore.
Das said, 'Our payment system is talked about globally and many countries have shown interest in repeating our success story. It is a matter of pride that more than 1,000 crore transactions have taken place every month from December 2022 through our payment system.
Das further said, 'Our payment ecosystem and consumer to accept it, it tells about the strength of our system. Recently, Pen India Digital Payment Survey was conducted among 90,000 people. It was revealed that 42% of people out of 90 thousand using digital payment.
Talking about the volume, the number of UPI transactions was more than 800 crores in January 2023. While the National Electronic Fund Transfer (NEFT), there were more than 3.18 crore transactions on February 28, which was the highest-ever daily volume.
The UPI was launched in 2016 and since then it has emerged as the most popular and favourite payment mode, which is at the forefront of Total Digital Payments. It is 75% of Total Digital Payments (Person-to-Person and Person-to-Crachant Transactions).
The volume of UPI transactions increased from 0.45 crores in January 2017 to 804 crores in January 2023. During the same period, the value of UPI transactions increased from Rs 1,700 crore to Rs 12.98 lakh crore.
On Tokenization Exercise, Das said that RBI has created more than 48 crore card tokens, through which more than Rs 86 crore has been transacted. Due to this, it has become the world's largest Tokenization exercise.
At the beginning of the ecosystem, the transaction from tokens was 35%, which has now increased to 62%. The governor has also launched the 'Har Payment Digital' mission, which will help RBI to further promote digital payment in the country.
Das said that digital payment has increased by 15% annually in the last 5 years. The financial formalization of the economy is necessary, as money is the core of any economy. The RBI wants to ensure that digital payments can be available everywhere and all the time for everyone from its digital vision 2025.
With the launch of UPI in 2016, there was a revolution in the world of digital payment. UPI provided the facility to transfer money directly to the bank account. Earlier there was a trend of digital wallets. The wallet has a mess like KYC, while UPI does not have to do anything like this.
RTGS and NEFT payment system operations in India are with RBI. The National Payment Corporation of India (NPCI) operates systems like IMPS, Rupay, and UPI. From 1 January 2020, the government had a zero-charge framework mandatory for UPI transactions.