UPI records 6 billion transactions in July
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.
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.
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.
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