Wednesday, August 2, 2023

In July, UPI payments reached a new high

 MUMBAI: In July 2023, there were 996 crore UPI transactions, a 6 percent increase from the 934 crore transactions in June. The worth of exchanges too scaled another pinnacle, rising 4% to Rs 15.34 lakh crore from the June level.

The installments framework is at present handling almost 1 billion (100 crore) UPI exchanges at regular intervals. NPCI boss Dilip Asbe had said that the company was outfitting to deal with volumes of a billion exchanges consistently inside a few years.

On an annual basis, UPI transactions have increased by 58% in terms of volume and 44% in terms of value. Experts in the payments industry believe that the third quarter, when festivals are in full swing and consumption is at its highest, will see the next significant increase.

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