India’s New Record In UPI Transactions Crossed 10 Lakh Crore

India’s new record in UPI transactions crossed the 10 lakh crore milestone in May: UPI Payment.

India is progressing at a fast pace in terms of digital transactions. Along with this, month after month is making new records in terms of digital transactions.

In the case of Unified Payment Interface (UPI) transactions, India has crossed the Rs 10 lakh crore mark in May 2022.

According to the latest data of the National Payments Corporation of India (UPI), this is the first time that India has crossed the 10 lakh crore milestone in terms of UPI transactions, which is a new record.

1 trillion dollar transactions in the financial year 2021-22.

The Instant Real-Time Payments System has recorded 595 crore UPI transactions in these goods, which was 558 crore in April.

During the COVID-19 pandemic in March 2020, the number of UPI transactions was 124 crores, with a total amount of Rs 2.06 lakh crore.

There has been an increase of 117 percent in the number of UPI monthly transactions in May 2022 as compared to May 2021.

UPI transactions have crossed the $1-trillion mark in the financial year 2021-22.

India’s new record in UPI transactions: The government started many new schemes.

There are many schemes of NPCI due to the increase in digital payment. Recently, the facility of UPI transactions in offline mode has been started from the smartphone.

Also, the facility of UPI transactions has been started through the UPI 123Pay service from feature phones.

Recently, a circular has been issued by NPCI and it has been informed that how can UPI payment be done through offline mode?

What is the market share of which UPI platform?

PhonePe, Google Pay, and Paytm Payments Bank dominate India in terms of UPI transactions.

If we talk about UPI transactions of these three platforms, then PhonePe has a total share of 47 percent in the UPI market.

While the market share of Google Pay is 35 percent. While the market share of Paytm Payments Bank is 15 percent.

India will continue to buy cheaper crude from Russia and will give priority to its economic interests.

India will decide on the purchase of crude oil from Russia only on the basis of its own interests.

This simply means that after February 2022, the pace at which it has started buying more crude oil from Russia, that pace will continue even further.

The latest figures show that from February to May 2022, India has purchased almost eight times more crude from Russia.

Although there is a possibility that the pressure on India will be increased by the countries of the European Union, which have announced a 90 percent cut in crude purchases from Russia.

The intention of the Indian government is clearly visible that for the time being it should give priority to its economic interests.

This issue is also likely to be placed before India very prominently during PM Narendra Modi’s participation in the Germany Group-7 countries meeting later this month.