India's UPI transactions surpass significant 6-billion mark in July

3 Aug 2022 , 11:49 AM

India’s flagship digital payments platform logged over 6 billion Unified Payments Interface (UPI) transactions in July. This is the highest ever transaction recorded by the company.

As per data released by the National Payments Corporation of India (NPCI), the total 6.28 billion transactions recorded by the company are valued at approximately Rs10.62 trillion.

On a y-o-y basis, the transaction volume almost doubled while the value of transactions added nearly 75%. Sequentially, transaction volume witnessed a surge of 7.16% while value increased by 4.76%.

On Tuesday, Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman appreciated Indians for their collective resolve to welcome new technologies as the country’s UPI transactions in July touched the six-billion mark, being the highest since its inception in 2016. PM Modi addressed this as an ‘outstanding accomplishment’ via his tweet.

In FY22, the payment interface processed over 46 billion transactions valuing over Rs84.17 trillion, thus breaching the $1 trillion mark. During FY21, UPI processed 22.28 billion transactions, with an aggregate value of Rs41.03 trillion. Thus, doubling the volume and value base within a year.

Recently, in an event in Mumbai, Dilip Asbe, MD & CEO, expressed his intention of a 10 times growth in UPI within the next 5 years. It expects to have a solid base of over 750 million users and 100 million merchants.

Reflecting India’s drive towards a digital economy, the Reserve Bank of India’s digital payments index jumped to 349.30 as of March 31, 2022, against 304.06 in September 2021.