UPI transactions cross 6 Billion in July; PM Modi calls it 'Outstanding Achievement'
According to National Corporation of India (NPCI) data, the total value of UPI transactions in July was Rs 10.62 trillion.
FollowThe number of payments processed through the Unified Payments Interface (UPI) crossed 6 billion in July. This is the highest number of UPI transactions recorded since the digital platform's launch in 2016. According to National Corporation of India (NPCI) data, the total value of UPI transactions in July was Rs 10.62 trillion. UPI registered 6.28 billion transactions during this period, as per reports.
Union Finance Minister Nirmala Sitharaman, on Tuesday, tweeted about the achievement. "The UPI records 6 billion transactions in July, the most since 2016," Sitharaman wrote.
While responding to the Finance Minister's tweet, Prime Minister Narendra Modi also highlighted the achievement.
"This is an outstanding achievement. It represents the people of India's collective determination to embrace new technologies and make the economy more environmentally friendly. Digital payments were especially useful during the COVID-19 pandemic," the tweet read.
The volume of transactions increased by 7.16 per cent month over month, while the value increased by 4.76 per cent. Year over year (YoY), the volume of transactions doubled, while the value of these transactions increased by 75 per cent.
In October 2019, UPI transactions surpassed one billion for the first time. It again breached the mark the following year, when UPI recorded 2 billion transactions in October 2020. As per Business Standard, the platform processed 3 billion transactions in the next ten months before growing significantly to register 4 billion monthly payments.
In FY22, UPI recorded 46 billion transactions worth more than Rs 84.17 trillion. It had processed 22.28 billion transactions totalling Rs 41.03 trillion in the previous fiscal year.
The digital payment platform's goal for the next five years is to process one billion daily transactions.
Also Read: Credit cards can now be linked to your UPI, starting with RuPay, announces RBI Governor
Also Read: Apple discontinues card payments for services in India, favours UPI, net banking
Also Read: Indian digital payments industry likely to triple to $10 trillion by 2026: Report
