According to statistics provided on Saturday by the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) transaction volume increased 22% (year over year) to 23.66 billion in July, while the UPI transaction value increased 19% to Rs 29.88 lakh crore last month. In July, UPI handled an average of 763 million transactions per day, with an average transaction value of around Rs 96,383 crore. The value of UPI transactions increased by 20% to Rs 28.92 lakh crore in June, while transaction volumes increased by 23% (year over year) to 22.72 billion. In June, UPI handled 757 million transactions on average per day, with an average daily transaction value of around Rs 96,405 crore.
The government claims that throughout the previous five fiscal years, the amount of transactions has increased consistently. In a written response to the Lok Sabha last month, Minister of State for Finance Pankaj Chaudhary stated that UPI completed 4,595.61 crore transactions worth Rs 84.16 lakh crore in FY2021-22 and 8,371.44 crore transactions worth Rs 139.15 lakh crore in FY2022-23. Transaction volume rose to 13,112.95 crore with a value of Rs 199.95 lakh crore in FY2023–2024 and 18,586.60 crore with a value of Rs 260.56 lakh crore in FY2024–2025.
The minister stated that by collaborating with foreign organizations to implement platforms like UPI and the RuPay card scheme in foreign markets, NPCI International Payments Ltd. (NIPL), a wholly-owned subsidiary of NPCI founded in April 2020, is extending India’s digital payment ecosystem worldwide. In addition to assisting partner nations in creating domestic card payment infrastructure akin to RuPay and UPI-like real-time payment systems, these agreements allow Indian tourists and the Indian diaspora to conduct smooth cross-border purchases. With UPI currently operating in over eight nations, including the United Arab Emirates, Singapore, France, Mauritius, and Sri Lanka, India’s worldwide fintech footprint is strengthened.