UPI payments touch record high of Rs 12.82 trillion in December 2022

Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December.

During the month, 782 crore transactions in volume terms were done on the platform, which was launched in 2016.

"UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion," the Department of Financial Services said in a tweet on Monday.

Payments through UPI had crossed the Rs 12 lakh crore mark in October this year.

In November, as many as 730.9 crore transactions worth Rs 11.90 lakh crore had taken place via UPI.

UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions.

The inexpensive medium for cashless transactions has been gaining traction month-on-month and 381 banks are live on it.

UPI transactions have increased dramatically in both volume and value terms over the last year, Spice Money founder Dilip Modi said.

"The main advantage of UPI is the convenience it brings with it. UPI allows money to be transferred between multiple accounts without needing separate profiles for each transaction, making it easy for the user to transact. Another reason is that UPI...is a simple, fast and secure way of transaction. UPI has been a major tool in driving financial inclusion," he said.