In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016. Even the 5.95 billion transactions performed on the platform in May set a new milestone for the payments platform.

Despite a high base, the volume of transactions increased by 6.63 percent and the value of transactions increased by 5.91 percent month over month. UPI processed 5.58 billion transactions worth Rs 9.83 trillion in April. When compared year over year, UPI transactions have more than doubled in volume and value, illustrating the digital payments platform's spectacular ascent over the years.

UPI processed over 46 billion transactions worth over Rs 84.17 trillion in FY22, breaking the $1 trillion barrier. It also handled 22.28 billion transactions worth Rs 41.03 trillion in FY21. In a year's time, both the volume and value of transactions had doubled.&nbsp; 
 
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According to experts, the Covid-19 outbreak has accelerated the country's use of digital payments in the previous two years. With the exception of a few snags during the first two waves of the pandemic, UPI transactions have been trending upward, matching the broader economic recovery.

The payments platform now aspires to execute one billion transactions each day on its platform. While this milestone can be reached in ten years with no effort, the National Payments Corporation of India (NPCI), the country's umbrella organisation for digital payments, is hoping to reach it in the next three to five years due to the organic growth in the volume of transactions being handled.

To accomplish the milestone of a billion transactions per day in the next 3–5 years, NPCI would use the three "zero" techniques: zero touch (contactless), zero time (it must be faster than cash), and zero cost to the client.

(With inputs from agencies)

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In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016.

In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016. Even the 5.95 billion transactions performed on the platform in May set a new milestone for the payments platform. Despite a high base, the volume of transactions increased by 6.63 percent and the value of transactions increased by 5.91 percent month over month. UPI processed 5.58 billion transactions worth Rs 9.83 trillion in April. When compared year over year, UPI transactions have more than doubled in volume and value, illustrating the digital payments platform's spectacular ascent over the years. UPI processed over 46 billion transactions worth over Rs 84.17 trillion in FY22, breaking the $1 trillion barrier. It also handled 22.28 billion transactions worth Rs 41.03 trillion in FY21. In a year's time, both the volume and value of transactions had doubled. Watch: According to experts, the Covid-19 outbreak has accelerated the country's use of digital payments in the previous two years. With the exception of a few snags during the first two waves of the pandemic, UPI transactions have been trending upward, matching the broader economic recovery. The payments platform now aspires to execute one billion transactions each day on its platform. While this milestone can be reached in ten years with no effort, the National Payments Corporation of India (NPCI), the country's umbrella organisation for digital payments, is hoping to reach it in the next three to five years due to the organic growth in the volume of transactions being handled. To accomplish the milestone of a billion transactions per day in the next 3–5 years, NPCI would use the three "zero" techniques: zero touch (contactless), zero time (it must be faster than cash), and zero cost to the client. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UPI records nearly 6 billion transactions worth Rs 10 trillion in May 

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions.&nbsp;

How will the new payment system work?

A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment."

Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode.&nbsp;

The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag.&nbsp;

Overall limit and framework

Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode.

The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement.&nbsp;

The offline mode of payment can be enabled after obtaining the specific consent of the customer.

Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress.

Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices.

(With inputs from agencies)

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet. This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions. How will the new payment system work? A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment." Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode. The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag. Overall limit and framework Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement. The offline mode of payment can be enabled after obtaining the specific consent of the customer. Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress. Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices. (With inputs from agencies)

Digital payments without the internet: All you need to know

India witnessed the highest number of real-time online transactions in 2020, trumping China and United States. Take a look at global scores and predictions in this video to find out more.

India trumps China, US with record digital transactions in 2020

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