Money & Banking

UPI sets new record in July

Surabhi Mumbai | Updated on August 01, 2021

Crosses the 300 crore mark in term of volume and Rs 6 lakh crore in transaction value.

Unified Payments Interface continued to gain in popularity in July and crossed the 300 crore mark in terms of volume and Rs 6 lakh crore in transaction value.

Data released by the National Payments Corporation of India revealed that UPI processed 324 crore transactions worth Rs 6.06 lakh crore in July. This reflected the opening up of the economy and was a sharp jump since June when it had processed 280 crore transactions worth Rs 5.47 lakh crore.

On a daily basis, UPI has been processing 9 to 10 crore transactions recently. As per NPCI’s transaction count for July 29, UPI processed 10.44 crore transactions worth Rs 19,154 crore.

Launched in 2016, UPI processed 100 crore transactions for the first time in October 2019. While the lockdowns due to the Covid-19 pandemic had impacted digital payments and transactions but UPI has been gaining popularity due to its wide acceptance, ease of use as well as norms of social distancing.

NPCI data revealed that other modes of digital payments also continued to gain traction.

Immediate Payments Service (IMPS) clocked 34.97 crore transactions amounting to Rs 3.09 lakh crore in July. This was the first time that IMPS has also breached the Rs 3 lakh crore mark. It had processed 30.37 crore transactions worth Rs 2.84 lakh crore in June.

Aadhar Enabled Payment System (AePS) transactions also rose to 8.88 crore in volume terms and Rs 23,447.11 crore in value in July. It had processed 8.75 crore transactions amounting to Rs 24,667.08 crore in June.

As many as 19.23 crore transactions worth Rs 2,976.39 crore were processed on NETC FASTag in July as compared to 15.78 crore transactions totaling Rs 2,576.28 crore in June.

Reflecting the rapid adoption and deepening of digital payments across the country in recent years, the Reserve Bank of India- Digital Payments Index for March 2021 rose to 270.59 as against 207.84 for March 2020.

Published on August 01, 2021

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