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UPI hits Rs 20 trillion mark again in July 2024
The Business Guardian
|August 03, 2024
The Unified Payments Interface (UPI) has demonstrated remarkable growth in recent months, according to the latest data from the National Payment Corporation of India (NPCI). In July 2024, UPI transactions experienced a significant 45% year-on-year increase, continuing its trend of robust expansion.
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The total value of transactions soared by over 35%, reaching an impressive Rs 20.64 trillion. This marks the third consecutive month where UPI transactions have exceeded Rs 20 trillion, underscoring its growing dominance in the digital payments landscape.
In June 2024, the total UPI transaction value stood at Rs 20.07 trillion, while in May, it was slightly higher at Rs 2044 trillion. The average daily transaction value through UPI in July 2024 was approximately Rs 466 million, or around Rs 66,590 crore. Compared to June 2024, the volume of UPI transactions grew by 3.95%, and the value of transactions increased by 2.84%.
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