Get All Access for $5/mo

UPI Transactions Record 6 Billion Mark In July PM Modi said this accomplishment indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

The transactions on the unified payments interface (UPI) recorded the 6 billion mark in July 2022, reported as the highest ever by India's flagship digital payments platform since its inception. As per national payment corporation of India (NPCI), UPI processes 628 crore transactions worth INR 10.63 lakh crore during the month. PM Narendra Modi praised the achievement.

"This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the Covid-19 pandemic," PM tweeted on 2nd August.

As per data released by NPCI, UPI reported 6.28 billion transactions amounting to INR 10.62 trillion. The month-on-month volume of transactions raised to 7.16 per cent and the value shot up 4.76 per cent. The year-on-year volume of transactions almost doubled and value of transactions increased to 75 per cent.

In July 2022, the NPCI confirmed its plans to operationalize the linking of credit cards with UPI network. The plan came right after the announcement of RBI governor, on allowing the linking of credit cards to UPI in order to facilitate payments. This, reportedly, will likely to impact the average size of UPI transactions, which is currently valued at INR 2050 per transaction.

"The payments body will aim to protect the smaller merchant from MDR, while existing credit card servicing merchants can continue to pay these rates. While credit cards attract higher MDR charges for merchants, the UPI does not deduct additional charges. Despite the announcement for linking UPI with credit cards, there is no clarity on whether credit card transactions made from UPI will attract MDR," said Dilip Asbe, CEO of NPCI, stating the future expectations of linking UPI with credit cards.

As per reports, the Reserve Bank of India's digital payments index (DPI), which indicates the rapid adoption of the digitization of payments across the country, increased to 349.30 as of March 2022, as against 304.06 in September 2021.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.