UPI transactions News
The value of transactions was Rs 7.71 lakh crore in rupees, and 421 crore transactions were completed in the month, both records. The buying spree that marked the start of festival season, as well as e-commerce purchases, propelled the surge in October. The average monthly growth rate of UPI transactions was 5.8% from March to September 2021.
UPI has become the lifeblood of Indian financial transactions. UPI allows consumers to transfer money from one bank account to another in seconds using their cellphones. *99# service is currently available from 41 prominent banks and all GSM service providers in 12 languages, including Hindi and English.
On one side, online transactions have made banking facilities easier, while on the other side, it has its own disadvantages, given the recent frauds that were reported during the pandemic. The person will be required to inform the executive about the exact date and time of the transaction, the account number, and the account in which money has been transferred mistakenly. The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist.