According to the National Payments Corporation of India (NPCI), the digital payments platform Unified Payments Interface (UPI) recorded 5.58 billion transactions in April 2022, an all-time high since the payment platform was established. In terms of value, the transaction value of the payment platform was Rs 9.83 trillion.

In March 2022, UPI recorded 5.4 billion transactions worth Rs 9.6 trillion. Monthly, UPI saw a 3.33 per cent increase in transaction volume and a 2.36 per cent increase in transaction value. Compared to the same period last year, transaction volume increased by 111 per cent and transaction value increased by nearly 100 per cent. UPI processed 2.64 billion transactions worth Rs 4.93 trillion in April 2021.

UPI crossed the $1 trillion in transaction value in 2021-22. This is considered an important milestone for the payment system. NPCI is the umbrella entity that handles UPI, RuPay, Bharat Bill Pay, etc., to achieve $1 billion worth of UPI transactions per day in the next 2-3 years.

NPCI has two key tasks, enabling UPI on feature phones and enabling offline mode on smartphones. The UPI 123 Pay for feature phones is being tested, and NPCI has released a notification on how UPI Lite will work in offline mode.