UPI transactions hit all-time high in June

NEW DELHI : Payments on Unified Payments Interface (UPI) bounced back to record an all-time high of 1.34 billion transactions in June, data released by the National Payments Corp. of India (NPCI) showed. It grew 9% sequentially from 1.23 billion in May, and beat the previous high of 1.32 billion transactions worth ₹2.22 trillion in February.

UPI transactions had nosedived to 999 million in April, after the government imposed strict lockdown measures, suspending all services, barring essentials. Online payments gradually picked up from May with the phase-wise opening up of the economy.

Experts said digital payments got a renewed push because of the coronavirus outbreak, which prompted people to switch to contactless payments.