UPI Logs Record 6.28 Billion Transactions Worth Over Rs 10.62 Lakh Crore In July

In a significant development, the number of monthly transactions on the Unified Payments Interface (UPI) platform surpassed 6 billion in July 2022, the highest ever figures recorded by India's flagship digital payments platform since its inception in 2016.

The UPI platform reported 6.28 billion transactions amounting to over Rs 10.62 lakh crore in July 2022.

The volume of transactions on a month-on-month basis was up 7.16 per cent and value increase was at 4.76 per cent, reports Business Standard.

Meanwhile, On a year-on-year basis, the volume of transactions nearly doubled while value was up 75 per cent.

According to data released by the National Payments Corporation of India, which developed the UPI platform, around 5.95 billion transactions worth Rs 10.41 lakh crore were reported in May while 5.86 billion transactions amounting to Rs 10.14 lakh crore were reported in June.

The platform surpassed 1 billion transactions mark for the first time in October 2019, over three years after its launch in 2016.

In October 2020, UPI processed over 2 billion transactions, and after nearly months crossed 3 billion transactions mark in July 2021. The next 1 billion came in just another few months, as the payment platform reached over 4 billion transactions per month in October 2021.In March 2022, UPI breached the five billion transactions mark.

The platform processed over 46 billion transactions amounting to more than Rs 84.17 lakh crore in financial year 2021-22.