UPI Transactions Surge: A Milestone in India's Digital Payment Ecosystem
The Unified Payments Interface (UPI) reached a transaction peak in July, hitting 19.47 billion transactions worth Rs 25.08 lakh crore. This surge highlights a major digital shift among small retailers and users towards digital payments. UPI's international expansion includes France, enhancing seamless payment for Indians abroad.
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- India
The Unified Payments Interface (UPI) recorded a new milestone in July, with 19.47 billion transactions, as recently reported by the National Payments Corporation of India (NPCI). This highlights the growing trend towards digital payments, particularly among small businesses and local users.
In monetary terms, these transactions amounted to an impressive Rs 25.08 lakh crore, illustrating a significant shift from cash to digital payments. In comparison to the previous year, this marks a 21% annual growth in transaction value.
UPI is expanding beyond India, facilitating seamless international transactions, with its debut in the European market through France. This move aims to streamline overseas payments for Indians, benefiting tourists and expatriates while promoting global digital payment integration.
(With inputs from agencies.)
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