Total UPI transactions reach 822 million in July, transaction value remains the same as June
This is almost an eight percent increase from last month (June) when the total UPI transactions in the country stood at 754.54 million (75.45 crore).
According to data released by Indian retail payments organisation National Payments Corporation of India (NPCI), the total Unified Payments Interface (UPI) transactions in the country stood at 822.29 million (82.22 crore) in the month of July.
This is almost eight percent more than June when the total transactions in the country stood at 754.54 million (75.45 crore).
It is important to note that the month of July also has an extra day compared to June. UPI transactions suffered a slight dip in April and May this year and stabilised in June.
Further, the total UPI transactions this March stood at 800 million. And July numbers have crossed that milestone.
On the other hand, while total transactions improved, the total value of payments transacted on the network remained constant.
A total of Rs 1.46 lakh crore was transacted on the network in July. This is same as last month when the total value of transactions on the network stood the same.
In the month of June, the total value of transactions on the UPI network fell by around four percent from the month of May when it stood at Rs 1.52 lakh crore.
Apart from UPI, NPCI also reported numbers for other payment infrastructure it operates.
Total IMPS (Immediate Payment Service) transactions in the country stood at 189.29 million (18.92 crores) in the month of July. The total value transacted on the IMPS infrastructure stood at Rs 1.82 lakh crore.
Transactions on AePS (Aadhaar Enabled Payment System) also increased and stood at 220.18 million (22.01 crores) in July. The total value of these transactions stood at Rs 9,685 crores, which was also a strong increase from the month of June.
While for NETC (National Electronic Toll Collection), the total transactions creased to 27.26 million (2.72 crores) in July.
(Edited by Saheli Sen Gupta)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.