The volume of UPI transactions hit an all-time high of ₹15.34 lakh crore, reflecting 44 percent y-o-y growth, shows the latest NPCI (National Payments Corporation of India) data.
In terms of transaction count, the number of UPI transaction hit 9.96 billion in July, showing a 58 percent year-on-year growth.
In the previous month i.e., in June, total UPI transactions hit 9.34 billion while the volume of transactions hit ₹14.75 lakh crore.
In the preceding month of May, the number of transactions had hit 9.41 billion, while the amount of transactions hit ₹14.31 lakh crore.
UPI has been gaining popularity to carry out digital payments not only in India but outside India as well. Bhutan was the first country to adopt UPI in 2021.
UPI in France
It is noteworthy that Prime Minister Narendra Modi last month announced that Indians will soon be able to use UPI (Unified Payments Interface) during their visit to France.
“India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees,” PM Modi said, referring to the Unified Payments Interface, or UPI during his visit to France in July.
Rolling out cross-country digital payment systems will enable Indian tourists to make payments without having to carry forex cards or foreign currency.
UPI integrates multiple bank accounts into a single mobile application into a single mobile application.
NPCI signed an MoU with France’s Lyra nearly a year ago. Under the mutual arrangement, the Indian digital payment system will work on the Lyra network of France.