UPI transaction crosses 13.5% to 24 lakh crore in March
UPI transactions in India: The number of transactions based on the Integrated Payment Interface (UPI) recorded a 13.59 per cent increase in March monthly. It increased from 16.11 billion in February this year to 18.3 billion in March. This is revealed in the data published by the Indian National Payment Corporation (NPCI) on Tuesday.
In March, the price of UBI -based transactions was Rs.22.77 lakh crore, which was 12.79 per cent higher than Rs.11.96 lakh crore in February. According to NPCI data, the average price of UBI transactions on a daily basis was Rs 79,910 crore and this figure was more than Rs 59 crore, which shows an increase of 1.9 per cent and 2.6 per cent respectively.
Read: New Bank Rules: UPI-Ban Cards and Aadhaar rules have been changed from today, knowing what changed?
On the annual basis, the UBI transaction price increased by 25 percent and the number increased by 36 percent, reflecting the invincible speed of the country’s digital payment revolution. In the meantime, on Tuesday, digital payment users faced the problem of processing the transaction through UPI. Due to this problem, the NPCI explained the end of the fiscal year 2024-25.
NPCI said, “Some banks have to face the problem by the end of the financial year. The UPI system works properly. We are working with the respective banks to fix this problem.” The NPCI has recently released new guidelines with the aim of increasing customer experience for UPI number related allowances in the number UBI ID settlement. New guidelines have been useful since April 1st Tuesday.
New rules were given to UBI
Following these new guidelines, the UBI Member Bank, UPI applications and third party provider will be essential. According to the new guidelines, the UPI ID associated with the passive mobile number will be inactive. If a UPI user’s registered mobile number in the bank has long been inactive, the user’s UPI ID will be connected and the user cannot use the UPI service.
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