According to data released on Thursday by the National Payments Corporation of India (NPCI), the number of Unified Payments Interface (UPI)-based transactions increased significantly in July, reaching Rs 20.64 lakh crore as opposed to Rs 20.07 lakh crore in the previous month. This represents a massive 35% increase in transactions (year-over-year).
From 13.89 billion transactions in June to 14.44 billion transactions in July, the overall number of UPI transactions increased by nearly 4% (month over month).
With multiple nations embracing the UPI success story, the average daily transaction volume increased to 466 million in July from 463 million in June.
NPCI data shows that the average daily transaction value for the previous month was Rs 66,590 crore.
In order to become the fastest-growing digital economy in the world, India is leading the way thanks to its strong digital public infrastructure, a thriving fintech ecosystem, and supportive policy environments, according to the most recent Reserve Bank of India (RBI) report on Currency and Finance (2023–24).
According to the report, end customers’ retail payment experiences have been completely transformed by the flagship UPI, resulting in quicker and more convenient transactions.
Many nations are currently replicating the Digital Public Infrastructure (DPI), which has improved millions of lives.
Due to the debut of the RuPay credit card on UPI and its expansion into international markets, UPI is currently adding up to 60 lakh new users each month.
Last month, Al Maya Supermarket, situated in the United Arab Emirates, declared that all of its stores will now accept payments made using UPI.
In advance of the Paris Olympics, Galeries Lafayette’s main shop in Haussmann and the Eiffel Tower in Paris, as well as select Middle Eastern countries, are now stocking the premier offering from The India Stack.
In the upcoming years, the NPCI hopes to accomplish an ambitious goal of 1 billion UPI transactions daily.
