The Unified Payments Interface (UPI)-based transactions surged in the month of July, reaching Rs 20.64 lakh crore, shows the data released by the National Payments Corporation of India (NPCI) today. The report further reads that the UPI transactions have surged 35 per cent year on year.
According to the data, the total UPI transaction count went up almost 4 per cent (month-on-month) to 14.44 billion in July. The average daily transaction volume stood at 466 million. UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries.
According to the latest Reserve Bank of India (RBI) report on Currency and Finance (2023-24), the country is emerging as a frontrunner on the back of its robust digital public infrastructure, a vibrant fintech ecosystem, and a conducive policy environment to become the fastest-growing digital economy in the world.