PM lauds 6 billion UPI transactions in July

PM lauds 6 billion UPI transactions in July

The Prime Minister, Shri Narendra Modi has lauded the outstanding accomplishment of 6 billion UPI transactions in July, highest ever since 2016.

In a response to a tweet by Union Finance Minister Nirmala Sitharaman, the Prime Minister said;

“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic.”

The number of payments done using the Unified Payments Interface (UPI) in July crossed the 6 billion mark. This is the highest number of UPI transactions recorded since the launch of the digital platform in 2016. According to data released by the National Corporation of India (NPCI), the total value of UPI transactions in the month of July stood at ₹ 10.62 trillion. UPI registered 6.28 billion transactions during this period, stated an ANI report. Union Finance Minister Nirmala Sitharaman shared the milestone in a tweet on Tuesday. “UPI records 6 billion transactions in July, highest ever since 2016,” wrote Ms Sitharaman.

About Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI-enabled Apps on the Google Play store from 25 August 2016 onwards.

OV Digital Desk