Economic Policy
UPI payments record high of ₹12.82 lakh crore in December
- Unified Payments Interface (UPI) payments have touched record high of ₹12.82 lakh crore in December, 2022.
- In December, 782 crore transactions in volume terms were done on the platform.
About UPI Platform
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- It is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
- It also provides the “Peer to Peer” collect request
- Pilot launch was on 11th April 2016 when Dr. Raghuram G Rajan was the Governor of RBI at Mumbai.
- The service is provided by the NPCI (National Payments Corporation of India)
