Gaining momentum: UPI transactions top Rs 20 trn for third straight month

India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45 per cent year-on-year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July. The value of transactions also saw a 35 per cent Y-o-Y increase, totaling Rs 20.64 trillion, according to data released by the National Payments Corporation of India (NPCI) on Thursday.

This marks the third consecutive month when the value of transactions exceeded Rs 20 trillion. Previously, UPI transaction values totaled Rs 20.07 trillion in June and Rs 20.44 trillion in May.