Headline: UPI Processes ₹81 Lakh Crore in Transactions from April to July, Sets New Records
Highlights:
- UPI processed transactions worth nearly ₹81 lakh crore from April to July this year, marking a 37% year-on-year increase.
- In July, UPI transactions exceeded ₹20.6 lakh crore, the highest monthly total ever recorded.
- UPI handled 3,729.1 transactions per second, a 58% increase from 2022, surpassing global competitors like Alipay, PayPal, and Brazil's PIX.
- UPI's transaction value remained above ₹20 lakh crore for three consecutive months.
- NPCI's CEO, Dilip Asbe, anticipates UPI could reach 100 billion transactions in the next 10-15 years, with credit features expected to be commercialized soon.
News:
India's Unified Payments Interface (UPI) has set a new benchmark by processing nearly ₹81 lakh crore in transactions from April to July this year, representing an impressive 37% increase compared to the same period last year. According to the latest data from global payments hub Paysecure, UPI managed 3,729.1 transactions per second during this period, marking a significant 58% rise from the 2,348 transactions per second recorded in 2022. This performance surpasses leading digital payment platforms such as China's Alipay, PayPal, and Brazil's PIX in terms of transaction volume.
In July, UPI transactions alone surpassed ₹20.6 lakh crore, achieving the highest monthly transaction volume ever. For three consecutive months, the value of UPI transactions consistently exceeded ₹20 lakh crore.
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Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), expressed confidence that UPI has the potential to reach 100 billion transactions within the next 10-15 years, driven by the growth in credit. UPI’s credit feature has already been introduced, and its commercial rollout is expected within a few weeks.