UPI Clocks 1.49 Billion Transactions Worth Rs 2.9 Lakh Crore In July; Other Digital Channels Also Register Growth

In a positive development, the United Payments Interface (UPI) transactions in July surged to highest ever tally of 1.49 billion, with the total value of transactions carried out also touching a lifetime high of Rs 2.9 lakh crore, reports Economic Times.

This comes as a major boost to the national push towards greater adoption of digital transactions in the nation. Many experts have attributed the surge to pandemic-induced payment behavior change among consumers.

It should also be noted that the July month's robust numbers come after the transactions carried out through UPI had achieved record numbers in the preceding month of June as well. In June, the total number of transactions stood at 1.34 billion, with the total value touching Rs 2.61 lakh crore.

Meanwhile, the transactions carried out through other digital modes of retail payments operated by the National Payments Corporation of India (NPCI) have also either surpassed, or have inched back to the pre-COVID levels.

The toll collections through FasTags at national highways under the National Electronic Toll Collection (NETC) recorded 87 million transactions worth Rs 1623 crore in June, which was more than eight times the 10 million transactions recorded in April. In February though, before COVID-19 had hit India to the fullest, the transactions recorded stood at 110 million, with the amount of toll collected reaching an all-time high of Rs 1843 crore.

Transactions via BBPS and IMPS modes of digital payments have also reported healthy growth, with the former recording highest ever 20.16 million transactions worth Rs 3707 crore being processed in July, which is more than 25 per cent higher than the 14.92 million transactions worth 1957 crore processed in February.