UPI Registers All-Time High Of 1.49 Billion Transactions Worth Rs 2.9 Lakh Crore; Other Modes Of Digital Payments Also Register Growth
UPI Clocks 1.49 Billion Transactions Worth Rs 2.9 Lakh Crore In July; Other Digital Channels Also Register GrowthUPI App BHIM. (Saumya Khandelwal/Hindustan Times via Getty Images)

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber