UPI, Unified Payment Interface has made the transaction process in each and every field easy and convenient. Almost everyone starts from a vegetable vendor to high-class institutions have switched to UPI payment mode. With the cooperation of crores of Indians, UPI has crossed a milestone in May by setting a record of 9 billion transactions, which is worth Rs. 14.89 lakh. National Payment Corporation of India provided this data.
The amount is 43% larger than what was recorded the previous year and there is also growth of 58% in the transaction count compared to last year. In the retail industry, about 75% of transactions happened through UPI in 2022-23.
The drastic shift to UPI may help it to reach 1 billion transactions per day by 2026-27. It's a good sign of progress as it becomes easy to keep track of money in the economy.
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