UPI transactions decreased in April, NPCI released data – India TV Hindi

UPI is the most popular mode of digital payment in India. However, there has been a decline in UPI transactions in the last month. NPCI has shared the data of total UPI transactions in April, in which a decline of 1 percent has been recorded. However, due to the rapidly increasing smartphone users and acceptance of digital payments in the country, UPI transactions have increased by 50 percent year-on-year. India’s UPI service is now becoming popular in foreign countries also.

1 percent decline

NPCI has released the data of UPI transactions done in the month of April. According to data released by NPCI, UPI transactions worth Rs 19.64 lakh crore took place last month, which is less than Rs 19.78 lakh crore in March. However, it is growing at a pace of 40 percent year-on-year.

There were a total of 1,210 crore UPI transactions in February, whose volume was Rs 18.28 lakh crore. At the same time, a total of 1,220 crore UPI transactions were done in January 2024, whose volume was Rs 18.41 lakh crore. Last year, a record year-on-year growth of 60 percent was recorded in UPI transactions. There were 11,768 crore UPI transactions in 2023, whose volume was Rs 182.84 lakh crore.

NPCI International

Let us tell you that NPCI has launched a new entity for international payments. This new entity of NPCI has been named NPCI International Payments Limited (NIPL). This new entity has received the approval of the Reserve Bank of India (RBI). The main objective of this new entity is to promote RuPay card and UPI outside India. Indians will be able to make digital payments even outside the country through RuPay and UPI through NIPL network. Currently, UPI services are available in 6 countries outside India, which include Bhutan, Mauritius, Singapore, Sri Lanka, UAE and France.

Those traveling outside India i.e. abroad can make payment in these countries through UPI. For this, users will have to activate UPI International service in their payment apps PhonePe, Google Pay, Paytm, BHIM etc. After this, users will be able to make digital payments there through their bank account and RuPay card.