UPI value transactions surge 19 per cent in July to Rs 29.88 lakh crore

Representational Image. File pic.

The Unified Payments Interface (UPI) transaction volumes rose 22 per cent (year-on-year) to 23.66 billion in July, while UPI transaction value surged 19 per cent to Rs 29.88 lakh crore last month, according to data released by the National Payments Corporation of India (NPCI) on Saturday.

On an average basis, UPI processed around 763 million transactions daily in July, with average daily transaction value standing at about Rs 96,383 crore.

In June, the UPI transaction volumes went up 23 per cent (year-on-year) to 22.72 billion, while UPI transaction value surged 20 per cent to Rs 28.92 lakh crore. On an average basis, UPI processed around 757 million transactions daily in June, with average daily transaction value standing at about Rs 96,405 crore.

According to the government, the transaction volume has risen steadily over the past five financial years.

UPI processed 4,595.61 crore transactions worth Rs 84.16 lakh crore in FY2021-22, followed by 8,371.44 crore transactions valued at Rs 139.15 lakh crore in FY2022-23, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha last month.

In FY2023-24, transaction volume increased to 13,112.95 crore with a value of Rs 199.95 lakh crore, while FY2024-25 saw 18,586.60 crore transactions worth Rs 260.56 lakh crore.

The minister said that NPCI International Payments Ltd. (NIPL), a wholly-owned subsidiary of NPCI established in April 2020, is expanding India's digital payment ecosystem globally by partnering with foreign entities to deploy platforms such as UPI and the RuPay card scheme in international markets.

These partnerships enable Indian tourists and the Indian diaspora to make seamless cross-border payments while helping partner countries develop UPI-like real-time payment systems and domestic card payment infrastructure similar to RuPay.

UPI is now live in more than eight countries, including the UAE, Singapore, France, Mauritius, and Sri Lanka, strengthening India's global fintech presence.

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