New Delhi: Unified Payments Interface (UPI) records 6 billion-plus transactions in July, the highest ever 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.
Prime Minister Narendra Modi has lauded the outstanding accomplishment of 6 billion UPI transactions in July, the highest ever since 2016. In a response to a tweet by Union Finance Minister Nirmala Sitharaman, the Prime Minister said, “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.”
Reflecting the rapid adoption of digital payments in the country, the Reserve Bank of India’s (RBI) digital payments index (DPI) rose to 349.30 as of March 2022, as against 304.06 in September 2021.
UPI’s target is to process a billion transactions a day in the next five years.