Digital India: UPI transactions up 90% at Rs 26.19 lakh crore

The Digital India campaign under the leadership of Prime Minister Narendra Modi has got tremendous success. During the Ukraine crisis and the Corona epidemic, there has been a record increase in online transactions and payments of rupees. Between January and March, the first three months of the year 2022, more than 14.55 billion transactions worth Rs 26.19 lakh crore were done through UPI. This figure of transactions is about 99 percent more than the same period of 2021 and 90 percent in value terms. For example, a total of 9.36 billion transactions worth Rs 10.25 lakh crore were done through payment channels. In this UPI P2M transactions have emerged as the most preferred payment medium amongst the consumers.

Its market share is 64 percent by volume and 50 percent by value. Apps from PhonePe, Google Pay, Paytm Payments Bank, Amazon Pay, Axis Bank were the most used by volume for UPI transactions. The share of PhonePe, Google Pay, Paytm was 94.8 percent in terms of volume, while the share of all three apps was 93 percent in terms of value. have done. Let’s have a look – In order to promote digital payments, the Reserve Bank has now provided the facility of making recurring payments through UPI as well. Under this facility, an agreement is made between the consumer and merchant bodies and the fixed dues are automatically paid on the specified date of the month.

Till now this facility was available on debit card, credit card, prepaid payment instrument and payment through wallet. The Reserve Bank said in a notification that now the facility of recurring payment will also be available for UPI. RBI said, ‘e-mandate is approved to make recurring payments through UPI secure.’ has ended. This will benefit the people that they will not have to pay any extra charges while doing the transaction. On this card, customers are given a free personal accident insurance cover worth Rs 10 lakh.

Prime Minister Modi is making every effort to promote digital transactions in the banking system. Under this campaign, the Modi government has decided to do away with the charges for making payments through RTGS and NEFT in net banking or on money transactions. After the decision of the Modi government, RBI will no longer charge processing and time warping charges from banks on RTGS and NEFT. However, banks charge customers more than this fee. According to the Indian Banks Association, banks will also charge less from customers after the RBI’s processing fee and time warping charge is over. With RTGS, there is a facility to transfer large amounts of money from one account to another instantly, whereas through NEFT, a maximum of two lakh rupees can be deposited in any account instantly. Both internet banking and bank branch charges are levied.