UPI records 9.96 billion transactions in July worth Rs 15.34 lakh crore
UPI) registered 9.96 billion transactions in July, with the total value for the month hitting Rs 15.34 lakh crore, according to data from the National Payments Corporation of India (NPCI). This shows a 6.6% jump in the number of transactions via UPI from 9.34 billion in June.
The value of transactions in the same period rose 4% from Rs 14.75 lakh crore. According to a PwC India report, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90% of India’s retail digital payments.
The government has been trying to take UPI to other countries for cross-border transactions. UPI was made available in France earlier this year.
Meanwhile, India and Sri Lanka signed an agreement in July to introduce the payment mode in the island country. India and Singapore had signed an agreement in 2021 to link payment systems UPI and PayNow to make cross-border transactions easier for the two countries, a feature that became operational in February this year.
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