Prime Minister Narendra Modi on Tuesday lauded the “outstanding accomplishment” of record number of Unified Payments Interface (UPI) transactions in July 2022.
About 6.28 billion UPI transactions worth over Rs 10.62 lakh crore took place last month, the highest ever since UPI’s inception in 2016. “It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner,” the prime minister tweeted.
Modi’s response came after a tweet by Union Finance Minister Nirmala Sitharaman.
UPI clocked over 6 billion transactions in July – the highest ever since its inception in 2016, said Sitharaman in a Tweet on Tuesday. According to the National Payments Corporation of India (NPCI) data, UPI reported 6.28 billion. NPCI operates the UPI.
In terms of volume of transactions, July saw 7.16 per cent jump on a month-on-month basis. On year-on-year (YoY), the volume of transactions nearly doubled. The value of transactions last month increased by 4.76 per cent while 75 per cent YoY.
UPI transactions crossed the one billion mark for the first time in October 2019. Then, it again breached the mark next year when UPI recorded 2 billion transactions in October 2020. The platform then processed 3 billion transactions in the next ten months and later grew significantly to register 4 billion payments per month, as per reports.
In June this year, transactions enabled by Unified Payments Interface or UPI crossed above Rs 10 lakh crore for the second month in a row, as per NPCI data.
The value of transactions under BHIM UPI digital payments in June 2022 stood at Rs 10,14,384 crore, showing a marginal decline of 2.6 per cent from the previous month, the National Payments Corporation of India (NPCI) data showed.
