Over 200 million UPI transactions were done each day in July 2022
UPI transactionshave crossed the 6 billion mark for the first time since 2016. UPIrecorded 6.28 billion transactions in July 2022.
- The number of transactions has nearly doubled since July 2021.
AdvertisementUnified Payments Interface (UPI) has become one of the biggest successes of the
According to the data released by the
Transactions nearly double in a year
There has been a constant month-on-month increase in UPI transactions over the years and the number of transactions has nearly doubled since July 2021. In July 2021, the number of transactions recorded was 3.24 billion, which increased to 6.28 billion in July 2022.
This means that over 200 transactions were done each day in July 2022.
UPI recorded a 7.16% increase in transactions from June 2022 and over a 90% increase annually.
UPI has become the preferred mode of payment for customers, for both small and big purchases. The presence of QR codes from different platforms with the merchants have made payments quite easy as all you need to do is scan the code and enter your PIN.
In addition to merchant payments, a majority of peer-to-peer transactions are also being done using UPI.
Increase in banks
One of the reasons for the increasing transactions is the fact that there has been a considerable increase in the number of banks on the platform. In July 2021, 235 banks were live on the UPI platform and this number has increased to 338 in July 2022. The onboarding of over 100 banks has considerably increased the number of UPI transactions.
Increase in value
In addition to an increase in the number of transactions, there has been a constant increase in the value of transactions as well. During July 2022, the total value of UPI transactions was over ₹10.62 lakh crore.
UPI goes global
The NPCI International Payments Limited (NIPL), the international arm of NPCI has given a global push to UPI. It has partnered with domestic companies in countries like UAE, France Singapore, Bhutan and Nepal to enable Indians to make use of UPI when they travel.
Earlier this year, the government also announced its plan to allow credit cards to be linked to UPI, allowing users to use UPI to make payments with their credit cards. This will give a big boost to both credit cards and UPI.
Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay
SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts
You will soon be able to use UPI in France in addition to UAE, Singapore
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