After the demonetization of 2016, the Indian government took several steps to promote digital payments in the country. The most popular among these is the Unified Payment Interface (UPI). This transaction system became so popular that today people make payments through UPI from carts, hawkers, pavements to big jewellery stores. Now the situation is such that the amount of payments made through this has crossed Rs 20 lakh crore.
Yes, in the month of July, transactions worth Rs 20.64 lakh crore were done through UPI payments. This is 35 percent more than July last year. July is the third consecutive month when transactions worth more than Rs 20 lakh crore were done through UPI payments.
The number of transactions crossed 14 billion
In the month of July, the number of payments made through UPI has also reached 14.44 billion. This shows a growth of 45%. The National Payment Corporation of India (NPCI), which manages UPI, has released a lot of data related to UPI. This also shows that about 4.5 crore transactions take place through UPI every day. Not only this, an average transaction of Rs 66,950 crore takes place through UPI every day.
Before July, tremendous growth was also recorded in UPI transactions in June and May. In June, UPI transactions within the country were worth Rs 20.07 lakh crore and in May, it was worth Rs 20.44 lakh crore.
Part of the government's India Stack
The Government of India has worked to build a digital public infrastructure in the country. In this, Fintech has been named India Stack. UPI is a part of the government's India Stack. It also includes Aadhaar Pay, Jan Dhan, Rupay.
UPI has emerged as a tremendous fintech product. In the financial year 2017-18, it was only 6 percent of non-cash retail transactions, which has increased to 80 percent by 2023-24. It can reach 90 percent in the financial year 2025-26.
