UPI registers highest ever transactions of 6 billion in July

On this occasion, honorable Prime Minister Narendra Modi lauded the outstanding accomplishment of 6 billion UPI transactions.

UPI registers highest ever transactions of 6 billion in July
UPI registers highest ever transactions of 6 billion in July

New Delhi: Unified Payments Interface, an instant payment serive provider developed by National Payments Corporation of India marked the highest ever transactions of 6 billion in the month of July since its inception in 2016.

UPI, an open source application programming interface (API) that runs on top of Immediate Payment Service (IMPS) reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to NPCI's data.

On this occasion, honorable Prime Minister Narendra Modi lauded the outstanding accomplishment of 6 billion UPI transactions.

In a response to a tweet by Union Finance Minister Nirmala Sitharaman, the Prime Minister said;

“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic.”

As of February 2022, there are 304 banks available on UPI with a monthly volume of 4.52 billion transactions and a value of Rs. 8.26 lakh crore (US$100 billion). UPI witnessed 68 billion transactions until November 2021. The mobile-only payment system helped transact a total of Rs. 34.95 lakh crore (US$440 billion) during the 67 months of operation starting from 2016.