UPI transactions jump 36 pc to Rs 60 lakh cr in Jun qtr

The Minister of State for Finance, Pankaj Chaudhary, informed the Lok Sabha that UPI transactions in the first three months of the current fiscal year have increased by over 36 per cent to reach Rs 60 lakh crore. Between April and June 2024-25, a total of 4,122 crore UPI transactions worth Rs 60 lakh crore took place. In the same period, 2,762 crore UPI transactions amounting to Rs 44 lakh crore were recorded.

For the entire fiscal year 2023-24, 13,113 crore UPI transactions were conducted with a value of Rs 200 lakh crore. In the previous fiscal year, a total of 8,371 crore UPI transactions occurred, with a combined value of Rs 139 lakh crore. Meanwhile, in the fiscal year 2022-23, there were 4,596 crore transactions involving Rs 84 lakh crore.

Furthermore, Chaudhary revealed that a cardless cash deposit facility through UPI has been extended on an inter-operable basis. This service is currently available in select banks, and certain conditions have been set to ensure the safety and security of cash deposits through UPI.

Customers are permitted to deposit a maximum of Rs 50,000 per transaction using this facility, and banks may enforce a lower limit based on their risk management policies.

The National Payments Corporation of India (NPCI) has been instructed to specify the permissible number of Interoperable Cash Deposit (ICD) transactions for a depositor at the level of Payer PSP or NPCI. Additionally, transaction messages must capture the depositor’s details and clearly indicate that it is a cash deposit transaction.