Money & Banking

UPI transactions cross 82 cr in July

A J Vinayak Mangaluru | Updated on August 02, 2019 Published on August 01, 2019

 

For the first time in the history of the National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI), the number of monthly transactions crossed the 82-crore-mark in July.

Launched by the NPCI in August 2016, UPI is now emerging as a major mobile-only digital payments platform. The total number of transactions stood at 82.22 crore in July 2019, against 75.45 crore in June 2019, and 23.56 crore in July 2018. Though the number of monthly transactions on UPI reached 79.95 crore in March 2019, it did not cross 80 crore.

Daily transactions

The increase in the number of monthly transactions has also led to a steep increase in the number of daily average transactions. The number of daily average transactions on UPI saw an increase of 248.68 per cent, from July 2018 to July 2019. The daily average transactions on UPI stood at 2.65 crore in July 2019, against 76.01 lakh in July 2018.

The total amount transacted on the UPI platform stood at ₹1.46-lakh crore in July. It had reached an all-time high of ₹1.52-lakh crore in May 2019.

The number of banks live on the UPI platform increased from 114 in July 2018 to 142 in July 2019.

Highlighting the potential of UPI in a tweet recently, Amitabh Kant, Chief Executive Officer, Niti Aayog, had stated that UPI uses the distribution strength of technology giants and the secure systems of banks for authentication and authorisation.

Terming UPI as one-of-its-kind in the world, he had said its valuation would have been a few billion dollars if NPCI wasa private entity.

Published on August 01, 2019
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