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Below is Perspective on UPI logged 4.52 billion transactions in February 2022 By Manoj Chopra, Head Innovation and Product Development, Kiya.ai

“February 2022 has been an interesting month in UPI payments history. The transactions nearly doubled from 229.2cr (February 2021) to 452.74cr (February 2022) despite been at such a high base. The growth will accelerate further through NPCI’s planned initiatives like UPI Lite, which will allow non-smartphone consumers in distant places with little or no internet access to start making digital payments. While the urban population has been the primary user of the UPI service, the rural population is projected to drive the next wave of growth. The pace at which transactions are increasing and the addition of new innovative features like AutoPay, Prepaid vouchers, and UPI Lite for offline payments, the NPCI's aim of 1 billion digital transactions per day is very much within reach. To accelerate UPI adoption, the need of investments towards financial literacy and customer education on how to use digital products and services will be required. In addition, the AutoPay feature is at the vanguard of India's digital transaction boom. The milestone is being driven by the ever increasing use cases of UPI, such as EMI payments, subscriptions, mutual fund SIPs, utility bill payments, salary payments, and so on.”

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