New Delhi
The number of transactions in July reached a record level of 19.47 billion through the popular Integrated Payment Forum (UPI). This information was received from the data of National Payment Corporation of India (NPCI). In terms of value, it was Rs 25.08 lakh crore, which is the second highest after Rs 25.14 lakh crore recorded in May. In terms of volume, the last largest number was 18.67 billion in May, which declined to 18.39 billion in June. The transaction amount in May was Rs 24.03 lakh crore.
The NPCI said that the price of the transaction in June was Rs 25.08 lakh crore. A year ago it was Rs 20.64 lakh crore in the same month, which is a 21 percent increase on an annual basis. On a monthly basis, the increase in value was 4.3 percent. Today, UPI contributes 85 percent to all digital transactions in India. Its impact is also beyond national boundaries, and it operates about 50 percent of the global real-time digital payments. UPI is already available in seven countries including the United Arab Emirates (UAE), Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its entry into France is a milestone as it is the first step of UPI in Europe. This allows Indians traveling or living there to pay comfortable payments without the general problems of foreign transactions.
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks of Union (IBA), which is a major organization for the operation of retail payments and settlement systems in India. It operates UPI, which is used when shopping, between colleagues or for real-time payment by traders. The NPCI has implemented new boundaries with the aim of reducing the burden on the system, reducing unsuccessful transactions and improving credibility. From Friday, users will be able to check the remaining amount in their accounts up to 50 times a day through the UPI app. Earlier, it had no limit. According to experts, this is to reduce the burden on the border network and run the system smoothly.