New Delhi. The popularity of the indigenous Indian payment system UPI is increasing. On August 1, a total transaction of Rs 86,207.47 crore was done through UPI and the number of transactions during this period was 49.27 crore. This information has been given by the National Payment Corporation.
Earlier, data released by NPCI said that in July, a total of Rs 20.64 lakh crore worth of transactions were done through UPI. This is an increase of 35 percent on an annual basis. In June, this figure was Rs 20.07 lakh crore. On a monthly basis, the total number of UPI transactions has increased by 4 percent to 14.44 billion in July, which was 13.89 billion in the month of June.
The average number of transactions per day in July was 46.6 crores, which was 46.3 crores in June. At the same time, the average value of transactions per day was Rs 66,590 crore in July.
This shows that people in the country are rapidly adopting digital payments.
The Currency and Finance Report (202324) released by the Reserve Bank of India (RBI) states that India has become the world's fastest growing digital economy due to strong digital public infrastructure, fintech ecosystem, favorable policy environment. The advent of UPI has brought a revolutionary change in retail payments and has made transactions much faster. The advent of Digital Public Infrastructure (DPI) has changed the lives of crores of people. 60 lakh new users are joining UPI every month. The reason for this is the linking of RuPay credit card to UPI and the launch of UPI abroad.
NPCI has set a target of one billion UPI transactions per day for the near future.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.