UPI Transactions at Record Level in June; 2.62 Lakh Crore Transactions

• Payments on UPI reached 1.34 billion transactions in June.

• 8.94% growth in June as compared to May’s 1.23 billion transactions

In the last month i.e. June, Transactions broke all their records with Unified Payment Interface (UPI). According to the latest data from the National Payments Corporation of India (NPCI), payments on UPI reached a record 1.34 billion transactions in June.There were about 2.62 lakh crore rupees transactions during this period. Let us know that UPI is an inter bank fund transfer facility, through which payment can be made with the help of phone number and virtual ID on the smartphone.

Increase of about 9 percent

However, the month of June was much better for UPI payments than May. The figures showed an increase of 8.94 percent in June compared to 1.23 billion transactions in May 2020. Earlier in April, UPI transactions had reduced to 99.95 crores in the lockdown implemented due to Corona virus epidemic and during this period a total of 1.51 lakh crores of transactions took place.

Increased after relaxation of lockdown

After opening the economy, online payments increased gradually from May. According to NPCI data, the number of UPI transactions in May was 1.23 billion, after which the number of transactions reached an all-time high in June.

NPCI formed in 2008

Let us tell you that National Payments Corporation of India (NPCI) was formed in the year 2008 to bring the operation of retail payment and settlement systems in India on one platform. It has created a strong payment and settlement infrastructure in the country.