In July, UPI records 6 billion transactions

1 Aug 2022 , 02:42 PM

The number of transactions recorded by India’s leading digital payments network, Unified Payments Interface (UPI), in July exceeded 6 billion, reaching a record high since the platform’s launch in 2016.

According to information provided by the platform’s operator, the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions totaling Rs10.62 trillion. The number of transactions was up 7.16% month over month, while the value was up 4.76%. The volume of transactions almost quadrupled year over year (YoY), while the value of transactions increased by 75%.

Nearly three years after its inception, UPI reached 1 billion transactions for the first time in October 2019. When UPI executed more than 2 billion transactions in October 2020, the next billion came along in less than a year. 3 billion transactions were handled through UPI during the next 10 months. The payment platform went from 3 billion transactions per month to 4 billion in only three months. Additionally, the extra billion transactions were completed in only six months. Within six months, the next incremental one billion was reached.

UPI executed over 46 billion transactions worth over Rs84.17 trillion in FY22, surpassing the $1 trillion threshold. Additionally, it handled 22.28 billion transactions worth Rs41.03 trillion in FY21. Therefore, both the number and the value of transactions increased in a year, demonstrating the country’s rapid embrace of digital payments, particularly UPI.

The Reserve Bank of India’s (RBI) digital payments index (DPI) increased to 349.30 as of March 2022 from 304.06 in September 2021, reflecting the country’s quick adoption of digital payments. The DPI index, which was introduced in January 2021, shows the level of nationwide payment digitization. The index was 153.47 in March 2019 and increased to 173.49 in September 2019. It then increased to 207.94 in March 2020, 217.74 in September 2020, and 270.59 in March 2021.