UPI transactions scale 14 billion peak in May
UPI) network operated by the National Payments Corporation of India (NPCI) has set a new record by processing 14.04 billion transactions in May, compared to 13.3 billion in April.
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By value, UPI recorded transactions worth Rs 20.45 lakh crore in May, compared to Rs 19.64 lakh crore in April, according to the data released by NPCI on Saturday.
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The average daily transaction amount stood at Rs 65,966 crore and average daily transaction count was 453 million for May, reflecting a 49% year-on-year growth.
UPI is the fastest growing digital payments channel in the country.
Extending rural reach
Both NPCI and the Reserve Bank of India (RBI) are exploring more use cases for the payment mode and extending its reach into the rural economy. ET on May 15 reported that RBI and banks are aiming to encourage beneficiaries of the government's direct benefit transfer (DBT) schemes to conduct their routine transactions on the UPI platform.
NPCI is also onboarding district cooperative banks and rural cooperative banks on to the platform to
