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Minister of State for Finance Bhagwat K Karad in a written reply to Lok Sabha said that the UPI transactions have grown from 92 crore in FY 2017-18 to 8,375 crore in FY 2022-23 at a Compound Annual Growth Rate (CAGR) of 147 per cent in terms of volume.
In a milestone movement, India and France have agreed to use Unified Payments Interface (UPI) in the European nation. Watch this Visual Story to take a look at all the other countries where India's UPI system has been adopted.
The Trend of digital payments in the country has grown
PIB has tweeted, “there is no charge on normal UPI transactions”. It further clarified that circular is about transactions using Prepaid Payment Instruments (PPI) like digital wallets. 99.9% transactions are not PPI.
The National Payments Corporation of India (NPCI) has announced a major decision that could affect consumers making payments via prepaid payment instrument (PPI) such as as mobile wallets - Google Pay, PayTM and other such apps. The NPCI has set an interchange fee at 1.1% for merchant transactions from April 1. The announcement was made via an NPCI circular dated March 24.