UPI: 6 billion transactions in July 2022

The National Payments Corporation of India (NPCI) recently released data on Unified Payments Interface (UPI). According to this, UPI crossed more than 6 billion transactions in July 2022. It is the highest since UPI platform was launched in 2016.

Key Findings of the report:

  • In July 2022, UPI recorded 6.28 billion transactions, accounting for Rs 10.62 trillion.
  • Volume of transactions increased by 7.16 per cent, while value increased by 4.76 per cent, month-on-month.
  • Year-on-year (YoY), volume of transactions increased by two folds while value of transactions increased by 75%.
  • For the first time, UPI crossed 1 billion transactions in October 2019. Next billion was reached in October 2020.
  • UPI reached from 3 billion to mark of 4 billion transactions per month in just 3 months.
  • Incremental 1 billion transactions mark were achieved in six months.
  • In Financial Year 2022, UPI accounted for more than 46 billion transactions, amounting to Rs 84.17 trillion.

The Reserve Bank of India’s “Digital Payment Index (DPI)” increased to 349.30 in March 2022, as opposed to 304.06 in September 2021. It reflects the rapid adoption of digital payment in India. DPI index was launched in January 2021. It highlights the extent of digitisation of payment across India. UPI has target to process billion transactions per day, in upcoming five years.

National Payments Corporation of India (NPCI):

NPCI is the specialised division of RBI. It works under the parent head of Ministry of Finance. It was established by RBI in 2008, to operate retail payments and settlement systems across India.

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