Synopsis
The Unified Payments Interface (UPI) reported a significant rise of 13.59% in transaction volume during March, totaling 18.3 billion transactions. The total value of UPI transactions hit a record Rs 24.77 lakh crore, marking a 12.79% increase from February, highlighting the growth of digital payments in India.Key Takeaways
- 13.59% increase in UPI transaction volume in March
- UPI transactions valued at Rs 24.77 lakh crore
- Daily average transactions exceeded 590 million
- New guidelines for UPI users regarding mobile numbers
- Impressive 25% growth in transaction value year-on-year
New Delhi, April 1 (NationPress) The Unified Payments Interface (UPI) experienced a remarkable increase of 13.59 percent in transaction volume, reaching 18.3 billion transactions in March, compared to 16.11 billion in February, as reported by the National Payments Corporation of India (NPCI) on Tuesday.
March marked a historic peak with UPI transactions valued at Rs 24.77 lakh crore, reflecting a rise of 12.79 percent from Rs 21.96 lakh crore in February.
Daily transaction averages exceeded 590 million, with a total daily transaction value of Rs 79,910 crore, according to NPCI's data.
On a year-on-year scale, the astounding UPI transactions of Rs 24.77 lakh crore in March exhibited a 25 percent increase in value and an impressive 36 percent growth in volume, showcasing the unstoppable progress of India’s digital payments landscape.
With daily transaction values averaging Rs 79,910 crore, which is a 1.9 percent rise from February, and transaction volumes increasing by 2.6 percent, these figures highlight the swift adoption and confidence in digital financial solutions.
However, on Tuesday, users of digital payments faced challenges with UPI transactions; the NPCI attributed these issues to the closure of the financial year 2024-25 (FY25).
"Today, due to the financial year closing, some banks are experiencing intermittent transaction failures. The UPI system is functioning properly, and we are collaborating with the relevant banks for necessary resolutions," stated the NPCI.
Starting April 1, it will be compulsory for UPI member banks, UPI applications, and third-party providers to adhere to new regulations.
As per the new guidelines, UPI IDs linked to inactive mobile numbers will become inactive. If a UPI user’s registered mobile number has been inactive for an extended period, their UPI ID will be unlinked, preventing them from using UPI services.
Therefore, every UPI user must ensure that their registered mobile number with the bank is active.
According to the updated regulations, the user's bank-verified mobile number will serve as their UPI identifier. Additionally, banks and UPI applications are required to refresh their mobile number records weekly to prevent errors arising from recycled or altered numbers.
