UPI Transactions Made New Record of More than Rs 20 Lakh Crore in May

The scope of online payments has increased rapidly in the last few years. Unified Payments Interface (UPI) transactions have created a record in May. Last month, there were 14.04 billion UPI transactions whose value was approximately $20.45 trillion. This is an increase of six percent in terms of volume and four percent in value as compared to April.

According to National Payments Corporation of India (NPCI) data, this is a growth of about 49 percent in volume and about 39 percent in value compared to the same month last year. These are the highest figures in volume and value since the launch of UPI eight years ago. In May, Fastag transactions increased by six percent to 34.7 crore. Last month, the value of Fastag transactions increased to Rs 5,908 crore. However, Aadhaar Enabled Payment System (AePS) transactions declined by four percent in May to about nine crore.

With the increase in the scope of online payments, frauds in this segment have also increased. In the last financial year, frauds related to online payments increased by more than 400 percent to Rs 14.57 billion. Digital payments have increased rapidly since the introduction of UPI. With this, users can easily transfer payments from their smartphones. Data from the Reserve Bank of India (RBI) has shown that the value of transactions done through UPI has increased by about 137 percent in the last two years to about Rs 200 lakh crore. In the last few months, the scope of digital rupee has also increased in the country.

RBI has also started several campaigns to make consumers aware about financial fraud. UPI is also being expanded abroad. UPI service has been launched in Sri Lanka and Mauritius. RuPay card service has also been launched in Mauritius. With this, UPI service will be available for Indians traveling in Sri Lanka and Mauritius. Prime Minister Modi had described it as connecting historical relations with modern digital technology. Modi said that UPI has taken up the new responsibility of uniting allies with India. UPI provides the facility to send money through mobile apps.