UPI Transaction: Adopt 6 ways to avoid cyber fraud, your account will not be breached during transaction

UPI transactions worth Rs 8.27 lakh crore in February: NPCI

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new Delhi . Cashless retail transactions worth Rs 8.27 lakh crore (by value) took place in the country during February 2022 through Unified Payments Interface (UPI). This figure is slightly less than the previous month. The National Payments Corporation of India (NPCI) gave this information on Tuesday.

According to NPCI, a total of 452 crore (4.52 billion) transactions were done through UPI in February 2022. During January 2022, cashless retail transactions through BHIM UPI in the country stood at Rs 8.32 lakh crore. A total of 461 crore transactions were done through UPI during this period.

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Reduction in Transactions through IMPS
NPCI said that the automatic collection at toll plazas through NETC FASTag technology has marginally increased in value terms in February 2022. During this 24.36 crore transactions worth Rs 3,631.22 crore were done. Further, instant money transfer through Immediate Payment Service (IMPS) declined to Rs 3.84 lakh crore last month from Rs 3.87 lakh crore in January.

Transactions through UPI in 2021
NIPL CEO Ritesh Shukla said in the statement, “We are confident that this initiative will help enhance NIPL’s technological capabilities and its unmatched offering globally.” enabled, which is equivalent to about 31 percent of India’s GDP.

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What is UPI?
UPI is a banking system. With the help of this, money transactions can be done on the payment app. With the help of UPI, you can transfer money from anywhere, to any account. With the help of UPI, many other things are also done apart from payment. Currently, you can use UPI with the help of many apps like BHIM, Phone Pay, Google Pay, Mobikwik, Paytm.

Unified Payment Interface or UPI is used to transfer money from mobile to any other bank account. This is a concept that allows multiple bank accounts to transfer money through a single mobile application. It has been developed by the National Payment Corporation of India (NPCI). Its control is in the hands of the Reserve Bank and the Indian Banks Association.

Tags: ATM transactions, Digital India, digital payment, Digital Transaction in India, Upi

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