“UPI has made a major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth Rs. 12.82 trillion (Rs. 12.82 lakh crore),” the Department of Financial Services stated in a tweet on Monday.
In October of this year, UPI payments surpassed the Rs. 12 lakh crore milestone. Up to 730.9 crore transactions of Rs. 11.90 lakh crore had been made using UPI in November.
UPI is a peer-to-peer (P2P) immediate real-time payment system that enables interbank transactions. The transaction is carried out by mobile in a few simple steps. Additionally, there are no fees associated with UPI transactions.
With 381 banks currently using it, the low-cost platform for cashless transactions has been gaining popularity month over month.
“The main advantage of UPI is the convenience it brings with it. UPI allows money to be transferred between multiple accounts without needing separate profiles for each transaction, making it easy for the user to transact. Another reason is that UPI is a simple, fast and secure way of transaction. UPI has been a major tool in driving financial inclusion,” he said.