UPI Payment: Record of 2016 broken, 6 billion UPI transactions in July

UPI in the country Transactions have accelerated. People are doing more transactions through UPI than through cash and cards. 6 billion UPI transactions were done in the month of July alone. Prime Minister Narendra Modi himself has given this information. Praising UPI, the Prime Minister said that 6 billion transactions were done through UPI in […]
 


UPI Payment: Record of 2016 broken, 6 billion UPI transactions in July

UPI in the country Transactions have accelerated. People are doing more transactions through UPI than through cash and cards. 6 billion UPI transactions were done in the month of July alone. Prime Minister Narendra Modi himself has given this information. Praising UPI, the Prime Minister said that 6 billion transactions were done through UPI in July, which is the highest since 2016. That is, UPI has broken the record of 2016 and has reached a new high in the month of July. Nirmala Sitharaman has also given this information, in response to which Prime Minister Narendra Modi said, this is a great achievement. It reflects the collective determination of the people of India to adopt new technologies and make the economy clean. Digital payments proved particularly helpful during the COVID-19 pandemic.

 

Data from the National Payments Corporation of India (NPCI) shows that a total of 6.28 billion transactions took place in July, of which Rs. 10.62 trillion were transacted. NPCI operates UPI. Looking at the one-month record, UPI has jumped by 7.16% and in value terms, this increase is 4.76 percent. Looking at the record from a year ago, UPI transactions have doubled and increased by 75% in value in one year.

March 2022 The Ministry of Electronics and ID reported that digital payments are increasing year by year as the Government of India’s strategy focuses on digitizing the financial sector and economy. BHIM UPI has emerged as the biggest choice of the people.

digital payment increased in corona epidemic

452.75 crore digital payments have been made through BHIM UPI till 28 February 2022 and this amount is Rs 8.27 crore. The use of digital payments has grown rapidly during the COVID-19 pandemic and is being widely used in the healthcare sector. Following social distancing, people have rapidly increased the use of payment through BHIM UPI QR code. As a result UPI is emerging as the easiest mode of payment today.