UPI transactions expanding with rapid velocity, makes file in December

The popularity of Unified Payments Interface (UPI) is increasing rapidly. The transactions increased by about eight percent to about 16.73 billion in December through UPI. According to data from the National Payments Corporation of India (NPCI), there was about 15.48 billion transactions through UPI in November.

In December, the total value of transactions through UPI was about Rs 23.25 lakh crore. In the previous month, this figure was about 21.55 lakh crore rupees. The average value of these transactions per day in December was around Rs 74,990 crore. In the previous month, the figure was about Rs 71,840 crore. NPCI, which operates UPI, recently extended the volume limit for these transactions for two years.

Earlier this week, it was allowed to provide UPI services for all users of WhatsApp. NPCI has removed the limit to add UPI users on Whatsapp Pay. With this, all the users of WhatsApp in the country will get these payment services. Earlier, NPCI had allowed Whatsapp Pay to increase the number of users associated with its UPI in a phased manner. There was a limit of 100 million users for WhatsApp. This limit has been removed by NPCI. The notification issued in this regard stated, “The limit to add users for Whatsapp Pay has been removed. The current UPI guidelines and circus applied to TPAP will continue to follow by WhatsApp Pay.”

Last year, NPCI launched the UPI One International Wallet Service for Non-Resident Indians (NRI) and international travelers who visited the country. This will provide the facility to access the UPI by accessing the UPI who do not have an Indian bank account. NPCI has started this in association with IDFC First Locker and Transcorp World Restricted under the guidance of Service Reserve Bank of India (RBI). The NPCI had said that the visitors of the country will be able to make digital payments in a safe manner to the merchants with UPI One International Wallet. For this, foreign travelers and NRI will have to download a prepaid payment instrument-UPI app.