Tuesday, September 27, 2022

UPI records 6 billion transactions in July, highest ever since 2016

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UPI records 6 billion transactions in July: Unified Payments Interface (UPI) recorded over 6 billion transactions in July. This is the highest ever transactions by India’s flagship digital payments platform (UPI) since its inception in 2016. Click here to Join whatsapp/ telegram study group 

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UPI records 6 billion transactions in July

UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI). Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent. Year-on-year (YoY), the volume of transactions nearly doubled while value of transactions was up 75 per cent.

  • UPI crossed 1 billion transactions for the first time in October 2019.
  • In October 2020, UPI processed more than 2 billion transactions.

In FY22, UPI processed more than 46 billion transactions amounting to over Rs 84.17 trillion. In FY21, it had processed 22.28 billion transactions, amounting to Rs 41.03 trillion.

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UPI’s target is to process a billion transactions a day in the next five years. The RBI’s decision to allow linking of Rupay credit cards to UPI is expected to provide a huge boost to the volume as well as value of transactions in the coming months.

UPI

Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. UPI is an open source application programming interface (API) that runs on top of Immediate Payment Service (IMPS). It is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.

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