According to the data from the National Payments Corporation of India, India’s cashless retail transactions on the UPI platform were Rs 8.27 lakh crore in February, a little decrease from the previous month’s total (NPCI). In February 2022, there were 452 crores (4.52 billions) in transactions.
- The overall value of cashless retail transactions on the BHIM UPI network stood at Rs 8.32 lakh crore in January, with 461 crore transactions (4.61 billion).
- According to NPCI, the value of the automatic collection at toll plazas utilising the NETC FASTag technology increased slightly in February, with over 24.36 crore transactions (243.64 million) worth Rs 3,631.22 crore.
- NETC FASTag toll collections were valued at Rs 3,603.71 crore by way of 23.10 crore (231.01 million) transactions in the previous month.
- Instant money can be transferred through 24×7 IMPS that is Immediate Payment Service fell to Rs 3.84 lakh crore in February as against Rs 3.87 lakh crore in January. During the same period, the number of such transactions is at 42 crores (420.93 million) as compared against 44 crores (440.17 million), as per the data.
What is UPI?
UPI or the Unified Payments Interface is a systematic mechanism that merges many banking services, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). It also manages “Peer to Peer” collection requests, which can be scheduled and paid in accordance to the requirement.