UPI records 6 billion transactions in July, highest ever since 2016

Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India’s flagship digital payments platform since its inception in 2016.

UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent. Year-on-year (YoY), the volume of transactions nearly doubled while value of transactions was up 75 per cent.

UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch. The next billion came in under a year, as in October 2020, UPI processed more than 2 billion transactions.