A customer uses the PhonePe digital payment system to make a purchase.
UPI transactions in the first three months of the current fiscal have grown over 36% to ₹60 lakh crore, Parliament was informed on August 5.
As per the details of UPI transactions shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, 4,122 crore UPI transactions worth ₹60 lakh crore took place between April and June in 2024-25.
In the April-June period, 2,762 crore UPI transactions took place, having a value of ₹44 lakh crore.
For the full fiscal 2023-24, 13,113 crore UPI transactions were made with a value ₹200 lakh crore.
In FY23, a total of 8,371 crore UPI transactions took place with a value of ₹139 lakh crore, while in FY22, there were 4,596 crore transactions involving ₹84 lakh crore.
Mr. Chaudhary further said that a facility of cardless cash deposits on an inter-operable basis has been extended through UPI.
Presently, this facility has been made available by a select few banks. To ensure the safety and security of cash deposits through UPI, certain conditions have been prescribed, including a customer is permitted to deposit a maximum of ₹50,000 per transaction using this facility. Banks are permitted to fix a lower limit based on their risk management policies.
National Payments Corporation of India (NPCI) has been advised to prescribe the permissible number of Interoperable Cash Deposit (ICD) transactions for a depositor at the level of Payer PSP or NPCI.
Transaction messages shall capture the details of the depositor and clearly stipulate that it is a cash deposit transaction.
