2.3 billion transactions worth Rs 4.2 trillion recorded through UPI in January 2021

NITI Aayog CEO Amitabh Kant has said as many as 2.3 billion transactions worth Rs 4.2 trillion were recorded through Unified Payment Interface in January 2021.

Mr Kant in a tweet on Wednesday said, "Phenomenal! UPI recorded 2.3 billion transactions worth Rs 4.3 trillion in Jan 2021. On a YOY basis, UPIs transaction value jumped 76.5% while transaction value jumped nearly 100%. Took UPI 3 years to cross 1 billion transactions a month. Next billion came in less than a year."

The Unified Payment Interface recorded 2.3 billion transactions worth Rs 4.3 trillion in January 2021. On a Year-on-year basis, The Unified Payment Interface's transaction value jumped 76.5 per cent; while transaction value jumped nearly 100 per cent. First one billion UPI transactions per month took 3 years to cross but the next billion had come in less than a year.

UPI is a common system that powers multiple bank accounts into a mobile application, merging several banking features, seamless fund routing and merchant payments.

The common system also provides the "Peer to Peer" collect request which can be scheduled and paid as per necessity and convenience.

The digital payments system, built by the National Payments Corporation of India, is regulated by the Reserve Bank of India.

Over Rs 4 lakh crore worth of digital transactions were facilitated by UPI in December 2020 and more than 200 banks are linked to the UPI system, President Ram Nath Kovind has said earlier.

He added that the trinity of Jan Dhan Accounts, Aadhaar and Mobile (JAM) has helped safeguard the rights of people and Rs 1.8 lakh crore has been saved from falling into the wrong hands.