UPI sets history, Indians transacted 2.62 lakh crores in June

Source :Sify
Author :Sify
Last Updated: Fri, Jul 3rd, 2020, 01:18:48hrs
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Mumbai: Latest data on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI) shows that Indians transacted for Rs 2.62 lakh crores from an average 134 crore transactions.

Transaction volume for the month of June is the highest, registering a nearly 9 percent month-on-month growth from the month of May.

In May, UPI transactions' volume stood at 123 crore transactions for a total volume of Rs 2.18 lakh crores.

Payments in April crashed to Rs 1.51 lakh crores from 99.95 crore transactions. The drop was attributed to the lockdown and a halt in all non-essential services.

Here is the official tweet from NPCI:

NPCI incorporated in 2008 as umbrella organization for retail payments and settlements initiated UPI from April 2016. Since October 2019, UPI transactions have regularly been in upwards of billions. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

NPCI's clutch of retail payments products includes RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

UPI has evolved as one of the flagship services from NPCI with volumes higher than even NACH (National Automated Clearing House) and at times faring better than IMPS. UPI volume and transactions have fared well in the months of April and May.

For FY 2019-20, NACH transactions were valued at Rs 17,629.99 billion whereas UPI contributed a transaction value of Rs 21,317.30 billion. IMPS transactions contributed Rs 23,375.41 billion during this time period.

In June, a report claimed NPCI's data of 72.30 lakh small-scale businesses and individuals amounting to 409 GB of data could have been leaked owing to a technical glitch. NPCI later clarified that its BHIM app was safe for general customers to use and that there was no compromise of data.  

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