UPI transactions touch Rs 2.62 lakh crore in June

Unified Payments Interface (UPI) payments in June reached 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corp of India (NPCI) data. The number of transactions was recorded at 999 million worth Rs 1.51 lakh crore in April, the first full month after the announcement of the lockdown that halted almost all services, except essentials.

Online payments slowly gathered pace from May, with staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.13 lakh crore, showed the NPCI data.

NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.

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NPCI has created a robust payment and settlement infrastructure in the country.

It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.