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India Soars To Historic High In Digital Payments: UPI Records Over 3 Billion Transactions Worth Over Rs 6 Lakh Crore In July 2020
Prime Minister Narendra Modi announced a new digital payments app named BHIM. (Saumya Khandelwal/Hindustan Times via Getty Images)
Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), breached 300 crore (3 billion) monthly transactions valued at over Rs 6 lakh crores in July 2021.
According to data made available by the National Payments Corporation of India, UPI processed 324 crore transactions worth Rs 6.06 lakh crore in July.
In June 2021, UPI system had processed 280 crore transactions worth Rs 5.47 lakh crore.
Launched in 2016, the UPI crossed one billion transactions for the first time in October 2019. While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year.
Immediate Payments Service (IMPS) clocked 34.97 crore transactions amounting to Rs 3.09 lakh crore in July. This was the first time that IMPS has also breached the Rs 3 lakh crore mark. Rs 2.84 lakh crore in June.
FASTag, an electronic toll collection system in India, operated by the National Highway Authority of India, registered as many as 19.23 crore transactions worth Rs 2,976.39 crore were processed as compared to 15.78 crore transactions totaling Rs 2,576.28 crore in June.
Reserve Bank of India’s (RBI) digital payments index (DPI) shows the index for March 2021 stood at 270.59 as against 207.94 of March 2020,underscoring massive adoption of digital payments in the country since the onset of the pandemic.
