Mumbai: The transaction under the integrated payment interface reached a record high of 456 crores in December 2021 which surpassed the previous highest of 421 Crore which was seen in October 2021.
The total value of the transaction in December was also a new record at RS 8.27 lakh Crore.
According to bankers, the surge in transactions was a reflection of increasing adoption and an increase in economic activity in December after a sharp decline in the second wave case.
UPI transactions have reached a record in October driven by purchasing season festivals and online sales by e-commerce companies.
However, after the festival peaked, there was a marginal decline in November.
December marked 9% in the number of transactions and added value of 7.6%.
Compared to transactions in December 2020, the use of UPI in December 2021 has doubled both in value and volume.
On the calendar of 2021, there are 3800 UPI transaction crores of Rs 73 Lakh Crore.
The National Indian payment company, which runs the UPI platform, expects volume to reach a billion a day when the Bank of India’s backup operates it using a low-value offline wallet.
This will allow payments to be made without pressing the bank’s core system.
UPI Transactions are a dominant mode of electronic payments in this country and now beat the number of card transactions almost eight times.
Unlike credit cards that are only for merchant payments, UPI numbers reflect the increase in peer to peer transfer and payment of traders.
Because UPI is an account-to-account transfer mechanism, bankers say that they have to take their core banking architecture to handle large transaction volumes every day.
On the night of December 31, there was a recording transaction on UPI because of customer payment on the food ordering application.