CURRENT AFFAIRS

Detailed explanation-1: -In March 2021, UPI processed 2.73 billion transactions, amounting to Rs 5.04 trillion. So far in FY22, the payments platform has processed over 45 billion transactions, amounting to over Rs 83 trillion, thus breaching the $1 trillion mark.

Detailed explanation-2: -The value of UPI transactions in 2021 stood at over INR 73 Lakh Cr (approximately $970 Bn), a year-on-year rise of over 110% from transactions worth INR 33.87 Lakh Cr in 2020. However, the transaction volume in the first seven months of 2022 has already crossed 92% of the UPI transactions volume in 2021.

Detailed explanation-3: -UPI Enabled 2, 348 Transactions Every Second In 2022 At the end of the calendar year 2022, UPI’s total transaction value stood at INR 125.95 Lakh Cr, up 1.75X year-on-year (YoY), as per the NCPI. Interestingly, the total UPI transaction value accounted for nearly 86% of India’s GDP in FY22.

Detailed explanation-4: -In 2021, the platform processed over 38 billion transactions worth Rs 71.54 trillion. Between 2021 and 2022, the volume of transactions on the platform jumped by over 90 per cent and the value jumped by 76 per cent.

Detailed explanation-5: -UPI Records Txn Worth INR 9.60 Lakh Cr In March 2022; Transaction Value Up By 16% MoM.