Value of UPI Transactions Declined To Rs 8.27 Lakh Cr in Feb: NPCI Data

India's cashless retail transactions on UPI platform were worth Rs 8.27 lakh crore in February, slightly lower than the amount recorded in the previous month, data from the National Payments Corporation of India (NPCI) showed on Tuesday.

There were a total of 452 crore (4.52 billion) transactions in February 2022. In January, the value of cashless retail transactions on the BHIM UPI platform stood at Rs 8.32 lakh crore while the total number of transactions was at 461 crore (4.61 billion).

However, there was a slight uptick in the value of automatic collection at toll plazas through the NETC FASTag technology, with over 24.36 crore transactions (243.64 million) worth Rs 3,631.22 crore in February, NPCI said. In the preceding month, NETC FASTag toll collections were valued at Rs 3,603.71 crore by way of 23.10 crore (231.01 million) transactions.

On the other hand, instant money transfer through 24x7 IMPS (Immediate Payment Service) fell to Rs 3.84 lakh crore in February as against Rs 3.87 lakh crore in January. During the same period, the number of such transactions stood at 42 crore (420.93 million) as against 44 crore (440.17 million), as per the data.

(PTI)