New report for UPI transactions in March 2024: ₹19.78 lakh crore transacted by means of 1,344 crore transactions, transfers of ₹199.95 lakh crore in FY24

Unified Cost Interface i.e. UPI was launched in 2016. It has been created by Nationwide Cost Company of India (NPCI).

In March 2024, a brand new report of transactions has been made by means of Unified Funds Interface i.e. UPI. Throughout this era, transactions price Rs 19.78 lakh crore have been made by means of 1,344 crore transactions. Within the final month i.e. February 2024, 1,201 crore transactions came about by means of UPI, by means of which Rs 18.28 lakh crore was transferred.

In comparison with March final yr, the variety of transactions has elevated by 55.35% and the quantity transferred by means of it has elevated by 40.81%. Transactions price Rs 14.05 lakh crore came about in March final yr.

On the similar time, greater than Rs 13 thousand crore transactions have been finished by means of this fee facility within the monetary yr 2023-24 (from April 2023 to March 2024). By means of these transactions, folks made transactions price ₹ 199.95 lakh crore. That is 43.68% greater than the earlier monetary yr 2022-23.

How does UPI work?
For UPI service it’s important to create a digital fee deal with. After this it should be linked to the checking account. After this there is no such thing as a want to recollect your checking account quantity, financial institution title or IFSC code and so on. The fee supplier merely processes the fee request in response to your cell quantity.

You probably have his UPI ID (e-mail ID, cell quantity or Aadhaar quantity) then you’ll be able to simply ship cash by means of your smartphone. Not solely cash but in addition there can be no want for web banking, credit score or debit card for utility invoice fee, on-line purchasing, purchasing and so on. You are able to do all this stuff by means of the Unified Cost Interface System.

UPI is now quickly changing into a world transaction system. That’s, by means of this, funds might be taken and given everywhere in the world…

PM Modi launched UPI in Sri Lanka and Mauritius in February
In February this yr, Prime Minister Narendra Modi had launched UPI i.e. ‘Unified Cost Interface’ service in Sri Lanka and Mauritius. Indian residents touring to Sri Lanka and Mauritius in addition to Mauritian residents touring to India will have the ability to use it.

On the event of the launch of UPI service in Sri Lanka and Mauritius, PM Modi mentioned…

Launched in France on 2 February
The Indian Embassy in France formally launched the Unified Cost Interface (UPI) on the Eiffel Tower in Paris on February 2. Throughout this, PM Modi had said- It was very good to see this. pleasure to. This is a crucial step in the direction of making UPI world. This can promote digital funds.

The Indian Embassy in France hosted a Republic Day reception. Throughout this era the formal launch of UPI came about.

UPI was launched in 2016
Unified Cost Interface i.e. UPI was launched in 2016. It has been created by Nationwide Cost Company of India (NPCI). It offered the ability to switch cash on to the checking account in a simple method. Earlier than this, digital pockets was prevalent. There’s trouble like KYC in pockets, whereas in UPI no such factor needs to be finished.

UPI is operated by NCPI
RTGS and NEFT fee system in India is operated by RBI. Programs like IMPS, RuPay, UPI are operated by Nationwide Cost Company of India (NPCI). The federal government had mandated a zero-charge framework for UPI transactions from January 1, 2020.