India’s Unified Payments Interface (UPI) clocked over 6 billion transactions in July. This is the highest number of transactions ever by the platform since its inception in 2016.
According to the data released by the National Payments Corporation of India (NPCI), UPI recorded 6.28 billion transactions amounting to Rs 10.62 trillion. The volume was up by 7.16 percent from the previous month and the value increased by 4.76 percent. If we see the Year-on-year growth, it nearly doubled the volume and transactions were up by 75 percent.
India’s finance minister Nirmala Sitharaman shared a report by Business-standard talking about UPI’s milestone. Later India’s Prime Minister Narendra Modi also highlighted the achievement while replying to Nirmala Sitharaman.
UPI crossed the One billion mark for the first time in October 2019 and achieved 2 billion transactions in October 2020. In the Financial year 2022, UPI recorded 46 billion transactions valued at over Rs. 84.17 trillion.
“We are looking at how we can expand the market. The objective is how we can go back to the 250 million users and how the bank can start doing smaller credits. Also, we are looking at how the 50 million merchants can start accepting credit. We may have to take care of the smaller merchants and protect them from the MDR (merchant discount rate). The existing credit card servicing merchants can continue to pay,” said Dilip Asbe, the chief executive officer of NPCI, at an event on Rupay credit card and UPI linkage.
Narendra Modi-led NDA government launched UPI with an aim to boost India’s digital transactions. Now UPI has become the primary mode of payment across the country. UPI offers instant bank-to-bank funds transfer instantly. Now small merchants also prefer it over cards and or any wallet-based transactions. UPI’s target is to achieve a billion transactions a day in the next five years. Considering the current growth, it is expected to achieve its target easily
