UPI clocks Rs 20 lakh crore for the third straight month in July
payments platform, Unified Payments Interface (UPI), crossed the Rs 20 lakh crore for the third straight month in July. The platform clocked a transaction amount of Rs 20.64 lakh crore in the month of July growing by 35% on year. It also recorded a transaction volume of 14.44 billion a growth of 45%, as per data released by the National Payments Corporation of India (NPCI).
It also had 466 million of average daily transaction count and Rs 66,950 crore worth of average daily transaction amount in July.
For the month of June, UPI transaction value was at Rs 20.07 lakh crore in June and Rs 20.44 lakh crore in May.
On a sequential basis, the volume of UPI transactions rose by 3.95% in July and the transaction volume increased by 2.84%.
UPI Payments, a part of “India Stack”, has emerged as the flagship Indian fintech product over the recent years. It has seen remarkable growth, rising from 6% of non-cash retail transactions in FY18 to 80% in FY24, with projections to reach 90% by FY26, as per estimates by Boston Consulting Group.
According to the data released by the Reserve Bank of India (RBI), UPI has seen a tenfold increase in volume over the past four years, increasing from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, amounting to 80% of all digital payment volumes.
Currently, the UPI is recording nearly 14 billion transactions a month, buoyed by 424 million unique users in June 2024.
“The surpassing of UPI transactions volume for peer-to-merchant (P2M) transactions over the
