UPI records 6 billion transactions in July - highest since launch; PM Modi hails as 'outstanding accomplishment'

Unified Payments Interface (UPI) clocked over 6 billion transactions in July - the highest ever since its inception in 2016, said Union Finance Minister Nirmala Sitharaman in a Tweet on Tuesday afternoon. According to the National Payments Corporation of India (NPCI) data, UPI reported 6.28 billion. NPCI operates the UPI.

In terms of volume of transactions, July recorded 7.16 per cent jump on a month-on-month basis. On year-on-year (YoY), the volume of transactions nearly doubled. The value of transactions in July increased by 4.76 per cent while 75 per cent YoY.

Meanwhile, Prime Minister Narendra Modi has hailed as an "outstanding accomplishment" the UPI recording 6 billion transactions in July and said it indicates the collective resolve of the people to embrace new technologies and make the economy cleaner.

Make digital payments quickly, securely, reliably, and conveniently with UPI. #UPI #DigitalPayments@GoI_MeitY @_DigitalIndia pic.twitter.com/bcPfo0KEaK

— NPCI (@NPCI_NPCI) August 1, 2022

His remarks came in response to a tweet by Finance Minister Nirmala Sitharaman, saying, "UPI records 6 billion transactions in July, highest ever since 2016." 

Responding to her tweet, PM Modi said, "This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner."

"Digital payments were particularly helpful during the COVID-19 pandemic," the Prime Minister added.