UPI payment crosses ₹11 lakh crore milestone in September

Payment through Unified Payments Interface (UPI) has crossed a milestone of ₹11 lakh crore in September, as per the data released by National Payments Corporation of India (NPCI).During the month, 678 crore transactions in volume terms were done on the platform launched in 2016.Payment through UPI had crossed ₹10 lakh crore in May this year.Last month, as many as 657.9 crore transactions worth ₹10.72 lakh crore had taken place.UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for the UPI transaction so far. Moreover, UPI has played a key role in the country becoming almost cashless economy.The inexpensive medium for cashless transactions has been gaining traction month on month basis.As per NPCI data, in June 2022, the transaction value under UPI digital payments moderated marginally at ₹10,14,384 crore from ₹10,41,506 crore in May. It increased to ₹10,62,747 crore in July.It is expected that payment through UPI would create another record both in terms of transaction and value in the festival month of October and November.The key benefit of UPI is that it has done away with the inconvenience of third-party payments, Spice Money CEO Sanjeev Kumar said.While services such as net banking, call for processes like OTP generation, which is also a major source of digital fraud in India, money can be moved between numerous accounts using UPI without the need for unique profiles for each transaction, he said.