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NEW DELHI — The Unified Payments Interface (UPI)-based transactions surged once again in the month of July, reaching INR 20.64 lakh crore against INR 20.07 lakh crore in the previous month – a massive 35 per cent surge (year-on-year), the data released by the National Payments Corporation of India (NPCI) showed on Thursday.
The total UPI transaction count went up almost 4 per cent (month-on-month) to 14.44 billion in July from 13.89 billion in the previous month.
As the UPI success story is being adopted by several countries, the average daily transaction volume stood at 466 million last month, compared with 463 million in June.
The average daily transaction amount last month was INR 66,590 crore, according to the NPCI data.
According to the latest Reserve Bank of India (RBI) report on Currency and Finance (2023-24), the country is emerging as a frontrunner on the back of its robust digital public infrastructure, a vibrant fintech ecosystem, and a conducive policy environment to become as the fastest-growing digital economy in the world.
The report mentioned that the flagship UPI has revolutionised the retail payment experience for end users, making transactions faster and more convenient.
The Digital Public Infrastructure (DPI), which has transformed millions of lives, is now being replicated in several countries.
UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries.
The UAE-based Al Maya Supermarket last month announced the acceptance of UPI-based payments across its outlets in the country.
The India Stack's flagship offering is now available at the Eiffel Tower in Paris, Galeries Lafayette's flagship store in Haussmann ahead of Paris Olympics and certain countries in the Middle East.
The NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years.
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