UPI Payments and transaction Statistics

In recent years, there has been a surge in the use of digital payment platforms in India. Among these platforms, Unified Payment Interface (UPI) has gained immense popularity. UPI is a real-time payment system that allows users to transfer funds from one bank account to another through a mobile app. In this blog, we will discuss the increasing demand for UPI, UPI transaction limits, and the success story of UPI in FY 21 and FY 22. We will also discuss the UPI services provided by AU Small Finance Bank.

What is Unified Payment Interface?

Unified Payment Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer funds from one bank account to another through a mobile app. UPI uses a UPI ID to identify the user's account. This eliminates the need for users to share their bank account details while making transactions. UPI transactions can be made 24x7 and are processed instantly.

Read More: - UPI - Unified Payment Interface Guide

Increasing Demand for UPI:

UPI has gained immense popularity in India due to its ease of use, convenience, and security. In FY 2021, UPI processed over 22 billion transactions worth over 41 trillion rupees. The number of transactions made through UPI has been increasing consistently over the past few years. In FY 2022, UPI is expected to process over 45 billion transactions worth over 84 trillion rupees.

UPI Success Story - FY 21 vs FY 22:

The success story of UPI can be seen in the increasing number of transactions and the amount of money transferred through the platform. In FY 2021, UPI processed 22.4 billion transactions worth over 41 trillion rupees. In contrast, in FY 2020, UPI processed 12.52 billion transactions worth over 21 trillion rupees. This shows a growth rate of over 100% in the number of transactions and the amount of money transferred through UPI in just one year.

The trend is expected to continue in FY 2022. In the first eight months of FY 2022 (April to November 2021), UPI processed over 27 billion transactions worth over 49 trillion rupees.

UPI Transaction Limits:

The UPI transaction limit per day is currently set at Rs. 1 lakh for most banks. However, some banks may have a lower transaction limit. The UPI transaction limit can be increased by linking multiple bank accounts to the same UPI ID. The maximum transaction limit for UPI is Rs. 100,000 per transaction.

AU Small Finance Bank UPI:

AU Small Finance Bank is a leading provider of UPI services in India. The bank offers a range of UPI services to its customers, including UPI payments, UPI collect, and UPI mandate. With AU Small Finance Bank UPI, customers can transfer funds to any bank account in India instantly. The bank's UPI app is available on both Android and iOS platforms.

Conclusion:

UPI has emerged as a popular digital payment platform in India due to its ease of use, convenience, and security. The increasing demand for UPI is reflected in the number of transactions and the amount of money transferred through the platform. UPI has played a crucial role in promoting digital payments and reducing cash transactions in India. The UPI transaction limit per day is set at Rs. 2 lakh for most banks, and the maximum transaction limit for UPI is Rs. 100,000 per transaction. Au Small Finance Bank is a leading provider of UPI services in India, offering a range of UPI services to its customers. With the increasing adoption of UPI, it is expected to become the preferred mode of payment for businesses and individuals in India