Unified Payments Interface (UPI) has become one of the biggest successes of the Digital India initiative and has made sending and receiving money a breeze. Then monthly UPI transactions have achieved a new record in July 2022.
According to the data released by the National Payments Corporation of India (NPCI), UPI recorded over 6.28 billion transactions in July 2022, a new record since the service was launched in July 2016.
Transactions nearly double in a year
UPI transactions from January 2021 to July 2022.NPCI / Business Insider India / Flourish
UPI recorded a 7.16% increase in transactions from June 2022 and over a 90% increase annually.
UPI has become the preferred mode of payment for customers, for both small and big purchases. The presence of QR codes from different platforms with the merchants have made payments quite easy as all you need to do is scan the code and enter your PIN.
In addition to merchant payments, a majority of peer-to-peer transactions are also being done using UPI.