New record for UPI transactions in March 2024: ₹19.78 lakh crore transacted through 1,344 crore transactions, transfer of ₹199.95 lakh crore in FY24

New record for UPI transactions in March 2024: ₹19.78 lakh crore transacted through 1,344 crore transactions, transfer of ₹199.95 lakh crore in FY24

In March 2024, a new record of transactions has been made through Unified Payments Interface i.e. UPI. During this period, transactions worth Rs 19.78 lakh crore were made through 1,344 crore transactions. In the last month i.e. February 2024, 1,201 crore transactions took place through UPI, through which Rs 18.28 lakh crore was transferred. Compared to March last year, the number of transactions has increased by 55.35% and the amount transferred through it has increased by 40.81%. Transactions worth Rs 14.05 lakh crore took place in March last year. At the same time, more than Rs 13 thousand crore transactions were done through this payment facility in the financial year 2023-24 (from April 2023 to March 2024). Through these transactions, people transacted Rs 199.95 lakh crore. This is 43.68% more than the previous financial year 2022-23. How does UPI work? For UPI service you have to create a virtual payment address. After this it will have to be linked to the bank account. After this there is no need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request according to your mobile number. If you have his UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but also net banking, credit or debit card will not be required for utility bill payment, online shopping, shopping etc. You can do all these things through the Unified Payment Interface System. UPI is now rapidly becoming a global transaction system. That is, through this, payments can be taken and given all over the world… In February, PM Modi launched UPI in Sri Lanka and Mauritius. In February this year, Prime Minister Narendra Modi launched UPI i.e. ‘Unified Payment Interface’ service in Sri Lanka and Mauritius. Was. Indian citizens traveling to Sri Lanka and Mauritius as well as Mauritian citizens traveling to India will be able to use it. On the occasion of the launch of UPI service in Sri Lanka and Mauritius, PM Modi said… It was launched in France on 2 February. The Indian Embassy in France formally launched the Unified Payment Interface (UPI) on 2 February at the Eiffel Tower in Paris. did. During this, PM Modi had said- It was very nice to see this. pleasure to. This is an important step towards making UPI global. This will promote digital payments. UPI was launched in 2016. Unified Payment Interface i.e. UPI was launched in 2016. It has been created by National Payment Corporation of India (NPCI). It provided the facility to transfer money directly to the bank account in an easy manner. Before this, digital wallet was prevalent. There is hassle like KYC in wallet, whereas in UPI no such thing has to be done. UPI is operated by NCPI. In India, RTGS and NEFT payment system is operated by RBI. Systems like IMPS, RuPay, UPI are operated by National Payment Corporation of India (NPCI). The government had mandated a zero-charge framework for UPI transactions from January 1, 2020.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top