UPI recorded transaction worth INR 10- trillion

India’s digital payment, Unified Payments Interface (UPI) has set a record in May and continued to grow with the processed transaction of INR 10 trillion. The number of transactions in volume terms were a record high at 5.95 billion during the last month, according to the data released by the National Payments Corporation of India. 

In terms of both volume and value, UPI transactions have seen a surged of more than double on y-o-y basis. In the month of May, the UPI transaction stood at INR 4.91 trillion whereas the number of transactions amount to 2.54 billion. On the m-o-m basis, the number of transactions increased by 7% while the value hiked by nearly 6%. The value of such transaction stood at INR 9.83 trillion in April.

In the FY22, the Reserve Bank of India has stated that it is working on the plan to link UPI to its foreign counterparts, and is already working with the monetary authority of Singapore to link UPI with PayNow, it is expected to be completed by the second half of 2022.

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Originally published in Financial Express.