The number of payments done using Unified Payments Interface (UPI) in July crossed the 6 billion-mark. This is the highest number of UPI transactions recorded since the launch of the digital platform in 2016. According to data released by the National Corporation of India (NPCI), the total value of UPI transactions in the month of July stood at Rs 10.62 trillion. UPI registered 6.28 billion transactions during this period, stated an ANI report. Union Finance Minister Nirmala Sitharaman shared the milestone in a tweet on Tuesday. “UPI records 6 billion transactions in July, highest ever since 2016,” wrote Ms Sitharaman.
UPI records 6 billion transactions in July, highest ever since 2016 https://t.co/Gi9EAoUx8R— Nirmala Sitharaman (@nsitharaman) August 2, 2022
Prime Minister Narendra Modi also highlighted the achievement while replying to the Finance Minister's tweet.
“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,” the tweet read.
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. https://t.co/roR2h89LHv— Narendra Modi (@narendramodi) August 2, 2022
The month-to-month volume of transactions saw an increase of 7.16 percent while the value jumped by 4.76 percent. On a year-on-year (YoY) basis, the volume of the transactions doubled while the value of these transactions increased by 75 percent.
Transactions done through UPI had 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 reported by Business Standard.
UPI recorded 46 billion transactions in FY22, valued at over Rs 84.17 trillion. In the preceding financial year, it had processed 22.28 billion transactions, amounting to Rs 41.03 trillion.
The digital payment platform's aim is to now process one billion transactions per day in the next five years.