UPI Accounts 9.96 Billion Transactions in July Worth Rs 15.34 Lakh Crore

CIOTechOutlook Team | Wednesday, 02 August 2023, 03:14 IST

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Data from the National Payments Corporation of India (NPCI) shows that the instant payment system Unified Payments Interface (UPI) recorded 9.96 billion transactions in July, with a total value of Rs 15.34 lakh crore. This is an increase of 6.6% in UPI transactions from 9.34 billion in June. The amount of transactions increased by 4% from Rs 14.75 lakh crore within the same time period.
 
UPI transactions will account for 90% of India's retail digital payments by 2026–2027, when there will likely be 1 billion daily transactions, 
According to sources. For cross-border transactions, the government has been attempting to introduce UPI in other nations.
 
In France, UPI became accessible early this year. In the meantime, an agreement was made in July between India and Sri Lanka to bring the payment method to the island nation. In order to facilitate cross-border transactions for the two nations, India and Singapore signed a 2021 agreement to link the payment systems UPI and PayNow. The feature went live in February of this year.
 
The UPI payment system is already used in the UAE, Bhutan, and Nepal. In terms of transaction volume, PhonePe holds a 47% market share in the UPI race, followed by Google Pay at 35% and Paytm at 13%.
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