UPI records 6 billion transactions in July

Tags: Economy/Finance

The Unified Payments Interface (UPI) saw over 6 billion transactions in July, the highest ever by India's leading digital payments platform since its inception in 2016.

Important facts

• According to data released by the National Payments Corporation of India (NPCI), which operates the platform, UPI handled 6.28 billion transactions totaling Rs 10.62 trillion.

• Month-on-month, the volume of transactions was up 7.16% and value increased 4.76%. 

• Year-on-year (YoY), transaction volume nearly doubled, while transaction value grew by 75%.

• UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch.

• In October 2020, the UPI processed more than 2 billion transactions.

• In the next ten months, the UPI processed 3 billion transactions.

• It took only three months for UPI to reach from 3 billion to 4 billion transactions per month.

• The incremental one billion transactions were achieved in just six months' time.

• Apart from some reduction during the first two waves of the pandemic, UPI transactions are on the rise as the economy recovers.

About UPI

• Unified Payments Interface (UPI) is a single platform that integrates various banking services and facilities under one umbrella.

• It is developed by National Payments Corporation of India (NPCI).

• The names of the top UPI apps currently are – PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.

• NPCI launched UPI in 2016 with 21 member banks.

National Payments Corporation of India (NPCI)

• It is an umbrella organisation for operating retail payment and settlement systems in India.

• It has been launched by the 'Reserve Bank of India' (RBI) and 'Indian Banks' Association' (IBA) under the 'Payment and Settlement Systems Act, 2007'.

• It is a 'non-profit' company established under the provisions of section 25 of the Companies Act 1956.

• It aims to provide the infrastructure for physical and electronic payments to the entire banking system in India.