UPI Transactions Makes Record High of 19.47 billion in July, Value of More Than Rs 25 Lakh Crore

Digital transactions have increased rapidly in the last few years in the country. Unified Payments Interface (UPI) Transactions made a record high of 19.47 billion in July. In terms of value, these transactions have been Rs 25.08 lakh crore last month. This is the second high after Rs 25.14 lakh crore in May.

The National Payments Corporation of India (NPCI) said that UPI holds 85 percent in digital transactions in the country. Recently, India became the fastest payment country in the world. Unified Payments Interface (UPI) has a major contribution in this achievement. In the country, the use of debit cards and credit cards and other means of payment is decreasing. The International Monetary Fund (IMF) said in a Fintech that the use of UPI has increased rapidly in the last few years. However, the use of some means of payment like debit cards and credit cards is decreasing. The IMF had said, “India has become the fastest payment country in the world.”

Inter-bank transactions can be done immediately through smartphones from the UPI developed by NPCI. The scope of UPI has also increased abroad. This payment service has been launched in Singapore, Bhutan, Nepal, Sri Lanka, United Arab Emirates, France and Mauritius. This provides the facility to make payments easily to Indians traveling abroad. UPI’s share in real-time digital payments at international level has also increased to about 50 percent.

Recently, the Central Government had reiterated its commitment to promote payments digitally through UPI. Along with this, the government had clarified that the proposal to impose Goods and Services Tax (GST) on transactions worth more than Rs 2,000 from UPI is not being considered. UPI transactions are placed in two categories-Person-to-Person (P2P) and Person-to-CRINT (P2M). NPCI plans to add 20 to 30 crore new users for UPI. Its retail users have more than 45 crores. NPCI has also prepared to increase UPI features.