Indian Economy News

UPI records 6 billion transactions in July, highest ever since 2016

  • IBEF
  • August 2, 2022

According to data released by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions amounting to Rs. 10.62 trillion (US$ 13.43 trillion) in July 2022, which is the highest since 2016.

Transaction volume climbed by 7.16%, and value increased by 4.76% in July 2022. The volume of transactions nearly quadrupled YoY, while the value of transactions increased by 75%.

In the past two years, the country's usage of digital payments has accelerated due to the Covid-19 pandemic. Apart from a few glitches during the pandemic's first two waves, UPI transactions are rising as the overall economy recovers.

UPI processed more than 46 billion transactions in FY22 compared to 22.28 billion transactions in FY21, indicating a substantial rise seen in the adoption of digital payments, especially UPI, in the country.

Within the next five years, UPI intends to process one billion transactions daily. The RBI's decision to permit Rupay credit cards to be linked to UPI is anticipated to significantly increase both the number and the value of transactions in the coming months.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.