UPI transactions hit Rs 5.05 lakh crore in March

Unified Payments Interface (UPI) transcations

The Unified Payments Interface (UPI) transcations inflated by 19% month-on-month (m-o-m) to hit Rs 5.05 lakh crore milestone in March. As per the data released by National Payments Corporation of India (NPCI) on Twitter, volumes rose by an equivalent amount to 2.73 billion.

According to the data the transaction volumes over the Unified Payments Interface (UPI) more than doubled over a year, touching 2.73 billion in March 2021 as compared to 1.25 billion in 2020.

The numbers reported in March are 20 percent higher February’s transaction of 2.29 billion. Transactions value surpassed Rs 5 trillion in March, higher than 18 percent from February.

Also Read: PhonePe, Axis Bank partner on UPI Multi-Bank

For FY 2020-21, total transaction value on UPi network stood at Rs 34.19 lakh crore.

Media reports suggest that PhonePe, and Google Pay, have the highest share in terms of UPI payments.

While PhonePe owns more than 40 percent of the UPI market share, followed by Google Pay, Paytm, Amazon Pay and Whatsapp Pay.

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