UPI Monthly Transactions Hit Another Record The payments system registered 9.96 billion transactions in July, worth INR 15.34 lakh crore
By S Shanthi
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Unified Payments Interface (UPI) registered 9.96 billion transactions in July, a slight increase from June. The data was shared by the National Payments Corporation of India (NPCI). The value of transactions rose 4% to INR 15.34 lakh crore from the June level.
Last month, while addressing the Indian community in Paris, Prime Minister Narendra Modi announced that India's most successful payments system UPI will be used in France. "India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," PM Modi said.
NPCI International has signed an MoU with France-based payments solution Lyra Networks to facilitate UPI transactions and the UPI service is expected to offer convenient and secure transactions for Indian visitors in the country.
Additionally, a few months ago, India and Singapore linked their digital payments systems, Unified Payments Interface (UPI), and PayNow. This was conducted as an experiment to see the disruption UPI can make in the cross-border flow of money. India and Singapore users that hold accounts with participating entities such as Axis, DBS, ICICI, SBI and a few others, and DBS Singapore, Liquid Group from Singapore can transact instantly using the VPA or QR flow.
According to Worldline's India Digital Payments Annual Report' for 2022, India's flagship payment platform UPI continued to be the most dominant channel for digital payments in 2022 with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value.
"The year 2022 witnessed an ever-increasing adoption of digital payments, with UPI leading the way. Popular payment instruments like UPI, cards, and PPIs were already clocking over INR 149.5 trillion worth of digital transactions in 2022," said Ramesh Narasimhan, CEO, Worldline India, in a statement, released in April this year.
For the uninitiated, the pilot launch of UPI was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai and banks started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards. PhonePe controls more than 47% market share by volume of transactions in UPI, as of June. This is followed by Google Pay and Paytm at 35% and 13% market share respectively.
