UPI transactions soar 34.5% in value (Rs 122 lakh crore), 46% in volume

During the April-September period, UPI (Unified Payments Interface) transactions saw impressive growth, with the total value rising by 34.5%, reaching Rs 122 lakh crore from Rs 90.7 lakh crore in the previous year. Additionally, the volume of transactions increased by 46%, totaling 8,566.52 crore transactions, according to Minister of State for Finance, Pankaj Chaudhary, who shared these figures in a written response to the Lok Sabha on November 25.

However, the period also saw 6.32 lakh reported UPI fraud cases, amounting to Rs 485 crore. In response, the government, along with the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), has implemented various measures to combat fraud. These include device binding (linking the mobile number with the user’s device), two-factor authentication using PINs, daily transaction limits, and specific restrictions on certain types of transactions.

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The NPCI has also rolled out a fraud-monitoring system for banks, employing AI and machine learning models to detect and prevent fraudulent activities. Alongside, the RBI and banks have initiated public awareness campaigns through SMS and radio to educate people on preventing cybercrimes.

To further expand UPI’s reach, the RBI is working with international partners to link UPI with the Fast Payment System of other countries, facilitating cross-border remittances and enabling UPI acceptance globally through QR codes.