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.
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KEY POINTS:
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.
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