UPI transactions soar, new guidelines

New Delhi

The Unified Payments Interface (UPI) recorded a significant increase in March, with transaction volume rising by 13.59% to 18.3 billion, compared to 16.11 billion in February. The total value of UPI transactions reached a record Rs 24.77 lakh crore, reflecting a 12.79% growth from Rs 21.96 lakh crore in February.

On average, UPI processed over 590 million transactions daily, amounting to Rs 79,910 crore in daily transactions. Year-on-year, March’s transaction volume surged by 36%, while the value increased by 25%, highlighting the growing popularity and trust in digital payments.

Despite this impressive growth, UPI users faced transaction issues on March 31 due to the financial year’s closing. The National Payments Corporation of India (NPCI) clarified that these disruptions were temporary, with banks working to resolve them.

Starting April 1, new guidelines will require UPI member banks, apps, and third-party providers to ensure that UPI IDs linked to inactive mobile numbers become inactive. Users must ensure that their bank-registered mobile numbers remain active to avoid losing access to UPI services. Additionally, banks will be required to update mobile records weekly to prevent issues caused by recycled or changed numbers. These changes aim to improve the accuracy and reliability of the UPI system.