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The Silicon Review Asia

Recent economic survey has revealed that UPI is the biggest payment system in India

Recent economic survey has revealed that UPI is the biggest payment system in India

UPI has ended 2021 with transactions worth Rs 8.27 trillion, and more than 4.5 billion transactions were carried out

The adoption of the Unified Payment Interface (UPI) in India has resulted in the payment system becoming one of the largest in the country. The recently conducted economic survey has revealed the high volume of transactions carried out through UPI. In the last few years, financial transactions have skyrocketed due to the rise in several digital payments. The report has revealed that UPI has stood out from the rest because of the wide acceptance rate and high volume of transactions.

UPI has ended 2021 with transactions worth Rs 8.27 trillion, and more than 4.5 billion transactions were carried out. The drastic rise in UPI transactions shows that the digital payment methods have gained immense traction in the country, and more than 1 billion transactions per day are expected in the next 3-5 years, according to UPI’s CEO Dilip Asbe. Detailed data from the report shows that more than 50 percent of the transactions carried out through UPI have been below Rs 200. Digital payments are hitting the mark of $2 trillion in India, and most of the drivers are mobile wallets and cards. From April to November, close to 24.26 million one-time transactions were made in UPI and valued at a whopping Rs 44,381 crore.

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