{"id":117345,"date":"2022-04-07T20:15:35","date_gmt":"2022-04-07T14:45:35","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=117345"},"modified":"2022-04-07T14:59:05","modified_gmt":"2022-04-07T09:29:05","slug":"upi-hit-more-than-5-billion-transactions-in-fy22","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/business\/upi-hit-more-than-5-billion-transactions-in-fy22","title":{"rendered":"UPI hits more than 5 Billion transactions in FY22"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">India\u2019s Unified Payments Interface (UPI) has achieved a tremendous accomplishment. The digital payment platform crossed the 5-billion mark for the first time on March 29, 2022. The National Payments Corporation of India (NPCI), which manages payment apps like UPI and third-party apps like Amazon pay, Bajaj Finserv, etc., shared the data, showing that UPI recorded almost 504 or 5.4 Billion transactions which amounted to Rs 8,88,169 Crore.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The payment app saw an 11.5% higher number of transactions than the previous month amounting to 450 Crore 4.5 billion transactions with almost Rs 8,28,000. The app breached the 2 billion mark in 2020 and, ever since then, has been witnessing an increased number of transactions. However, despite having such a significant number of transactions, most of the transactions are done by retailers, which means the value of the transactions is very small. The stats provided by NPCI also tells us that 50% of the recorded transactions on UPI are under Rs 200.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">What is a Unified Payments Interface (UPI)?<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">UPI is a platform that is an instant real-time payment system launched in 2016, which helps the user to link their bank account in a phone app and instantly helps in transferring the funds between two bank accounts without having to provide bank account numbers or IFSC code.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">How to use UPI or register for UPI?\u00a0<\/span><\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Download a UPI-based app, BHIM or third-party apps like Amazon Pay, Google pay, etc., from the Play Store or the Appstore.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Select the language and make sure your mobile number is connected to your bank account.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Next, the number and the account are verified by the app. Now you need to create a unique ID.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The last step is to create a pin that will help your transactions get through.<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">\u00a0Benefits and features of UPI<\/span><\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">The app allows immediate transfer of money through mobile.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">An individual can do the transaction through multiple bank accounts in a single app.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Entirely Digital and can be accessed 24 hours without any delay.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The app can be used for bills like Phone bills, Household bills, and Payments to vendors using a barcode.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Online solution within 24 hours if one is facing a problem during transactions.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">If some amount of money gets deducted without the receiver receiving it, it gets automatically added to your account without any delay.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Every user has a unique barcode and UPI ID.<\/span><\/li>\n<\/ul>\n<p><strong>Can a user without Internet benefit from this app?<\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Yes, you can. The UPI app has recently allowed users with slow internet speed or no internet to avail of this feature. The user needs to\u00a0<\/span><strong><span data-preserver-spaces=\"true\">dial *99#\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">on his phone. One important condition to use this feature is to connect your phone to your bank account.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Now, after dialling it in and pressing the call button, the user will be provided with a menu that will contain options like<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Send Money<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Request Money<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Check Balance<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">My profile<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pending requests<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Transactions<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">UPI Pin<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">The user can now tap on the option it needs to avail of and go ahead with the transaction. In case the receiver does not know their account number. You can use their mobile number to send or receive the money.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Unified Payments Interface (UPI) has achieved a tremendous accomplishment. The digital payment platform crossed the 5-billion mark for the first time on March 29, 2022. The National Payments Corporation of India (NPCI), which manages payment apps like UPI and third-party apps like Amazon pay, Bajaj Finserv, etc., shared the data, showing that UPI recorded [&hellip;]<\/p>\n","protected":false},"author":21829,"featured_media":117494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,11315,6124],"tags":[],"class_list":{"0":"post-117345","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-india","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/117345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21829"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=117345"}],"version-history":[{"count":3,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/117345\/revisions"}],"predecessor-version":[{"id":117495,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/117345\/revisions\/117495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/117494"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=117345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=117345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=117345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}