People are making seamless payments from mobile in real-time with UPI.
Over 11 Billion UPI transactions were done in October 2023. People are making seamless payments from mobile in real-time with UPI.
Mandar Agashe, Founder & MD, Sarvatra Technologies, explains: "The Unified Payments Interface (UPI) has consistently achieved remarkable milestones in terms of transaction volume. Each month, UPI surpasses its previous records, attributed to the continuous introduction of new features and use-cases by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), aimed at promoting digital transactions. There has been a notable increase in transactions during October, particularly due to the festive season. This surge is attributed to heightened consumer engagement, especially in the e-commerce sector. Consumers are increasingly opting for UPI payments due to the unparalleled convenience and security it offers. In Tier II and beyond towns, UPI has played a pivotal role in narrowing the gap in financial inclusion. For the vast number of Indians now embracing digital transactions, it has become an indispensable part of their daily lives as micro-transactions have become possible due to UPI."
