The Unified Payment Interface has completed over 2.3 billion transactions amounting to Rs 4.2 trillion in the month of January 2021, witnessing a jump of 76.5 per cent on-year in the volume.
“It took UPI 3 years to cross 1 billion transactions a month. Next billion came in less than a year,” the NITI Aayog CEO tweeted.
UPI allows low cost and easy online financial transactions.
The digital wave in India after the government’s Digital India initiative, fintech players such as PhonePe, Google Pay, and Paytm are in a close competition to capture the market.
UPI passed two billion transactions in October 2020, with a total value of Rs 3.86 trillion.
According to official statistics from National Payments Corporation of India, the total value of transactions on the platform at the end of December 2019 had been Rs 2,02,520.76 crore, and this figure touched Rs 4,16,176.21 crore by December 2020, YourStory reported.