- NEW DELHI — The Unified Payments Interface (UPI) saw a 13.59 per cent increase
(on-month) in transaction volume at 18.3 billion in the month of March, from
16.11 billion in February, the National Payments Corporation of India (NPCI)
data showed on Tuesday.
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- The month of March saw a record Rs 24.77 lakh crore worth
UPI-based transactions, up 12.79 per cent from Rs 21.96 lakh crore in February.
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- On a daily basis, the UPI network recorded more than 590
million average transactions at Rs 79,910 crore daily transaction count,
according to the NPCI data.
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- On a year-on-year basis, the record-breaking UPI
transactions of Rs 24.77 lakh crore in March marked a 25 per cent surge in
value and an impressive 36 per cent growth in volume, demonstrating the
unstoppable momentum of India’s digital payments revolution.
Also read: Know all about new UPI guidelines effective from April 1
- With daily transactions averaging Rs 79,910 crore, up 1.9
per cent from February, and volumes rising 2.6 per cent, these numbers
underscore the rapid adoption and trust in digital financial solutions.
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- Meanwhile, as digital payment users on Tuesday faced
issues in processing transactions on UPI, the NPCI attributed the reason to the
closing of the financial year 2024-25 (FY25).
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- "Today, due to the financial year closing, some of
the banks are facing intermittent transaction declines. UPI system is working
fine, and we are working with the concerned banks for necessary redressal,"
the NPCI said in a statement.
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- From April 1, it will be mandatory for UPI member banks,
UPI apps, and third-party providers to follow these new guidelines.
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- According to the new norms, the UPI ID linked to the
inactive mobile number will become inactive. That is, if the mobile number
registered with the bank of a UPI user is inactive for a long time, then the
UPI ID of the user will also be unlinked, and the person will not be able to
use the UPI service.
