70 times increase in UPI usage during last four years

MUMBAI: The use of Unified Payments Interface (UPI) across the country has increased 50-fold in the last four years, according to a report prepared by the State Bank of India. The country's economic growth rate would have been much higher if Korona had not spread.

Users in India are increasingly using platforms like UPI, which do not require POS machines or authentication.

The report also notes that transactions through UPI have increased 40-fold in the last four years. The use of UPI for payments has been increasing since 2012. Debit card usage has stabilized during this period, indicating that users are opting for UPI mode.

On the other hand, despite a sharp rise in purchases during the Diwali week, the currency in circulation stood at Rs 200 crore. Consumers bought Rs 1.5 trillion in Diwali this year. Which was the highest since 2014.

Currency in circulation, which had fallen to 7.50 per cent of GDP after the ban, is on the rise again. One of the reasons behind this may be the 2.50% decline in GDP seen during the Corona period.

If Korona had not spread, the country's economic growth rate would have been much higher in FY 2021 and 206, the report said.