6 Billion UPI Transaction in July 2022
The NPCI ( National payments corporation of India) released a data based on UPI (Unified payments interface) stated that it nearly crosses 6 billion transaction over UPI in July 2022. It is the highest transaction through UPI since it was launched in 2016.
v UPI recorded 6.28 billion transaction on July 2022, which was accounted for 10.62 trillion.
v The amount of transaction was increased by 7.16 per cent, while the value was increased by 4.76 per cent , month by month.
v The UPI for the first time crossed 1 billion transaction on October 2019, considered next 1 billion reached on October 2020.
v Year by year the amount of transaction increase by two folds and the value of transaction increased up to 75%.
v The UPI reached 3 billion to 4 billion transaction per month in just three months.
v It is noted that 1 billion transaction mark were achieved in six months.
v In this financial year the UPI were made more than 46 billion transactions amounting to 84.17 trillion.
v It is the result of rapid adoption of digital transaction in India that people find it very comfortable and secured.
v The UPI has a target to achieve that, it will process billion transactions per day in upcoming five years.
National payments corporation of India (NPCI)
The National Payments Corporation of India is a division of RBI, that works under the Ministry of Finance. It was established in 2008 to operate payments and settlements across India.