Mumbai: Transactions made using the Unified Payments Interface scaled a new peak in December 2021, surpassing the previous record set in October when the
value of UPI transactions crossed $100 billion for the first time.

In fact, the volume and value of monthly UPI transactions have nearly doubled since the start of 2021.

According to data from the National Payments Corporation of India (NPCI), 456 crore UPI transactions worth about Rs 8.27 crore were conducted last month. That compares with 422 crore transactions worth about Rs 7.71 lakh crore in October and 230 crore transactions worth Rs 4.31 lakh crore last January.

UPI transactions hit a peak in October on the back of the festive season. There was a marginal dip in November before a surge in December. In all of 2021, more than 3,800 crore UPI transactions amounting to Rs 73 lakh crore were conducted.

NPCI now expects the UPI platform to hit 100 crore transactions per day after the Reserve Bank of India enables the use of UPI wallets for low-value offline transactions. A framework for this
was released by the central bank on Monday.

Already the biggest mode of online payments in India, UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions. The volume of transactions on the platform outpaces card payments in the country by nearly eight times.

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