There are so many transactions that are done on the Unified Payments Interface (UPI) platform. The numbers of these transactions hit an all-time high record of 149 crore (1.49 billion) in July this year. The value of the transactions is Rs 2.91 lakh crore, According to the data shown by the National Payment Corporation of India (NPCI).
The highest previous transaction record was 134 crore (1.34 billion) transactions in June. While The transaction value was Rs 2.61 lakh crore, as per the data from the National Payments Corporation of India (NPCI).
There is a great difference of 15 crore between the transactions made in June and July. As compared to the previous year there is a large difference in the number of transactions that are made by the UPI.
In July 2019, the number of UPI transactions is 82.23 crore. It has a total value of Rs 1.46 lakh crore represented by NPCI. According to the data, most of the transactions are made in the time of Pandemic COVID-19.
During the time of lockdown April-July, the total number of transactions on UPI has reached 631 crore and The value of total transactions was Rs 6.31 lakh crore.
In the financial year 2019-20, the sum total of UPI transactions was 1,252 crore (12.52 billion). The entire total value of payments made done by UPI was Rs 21.32 lakh crore.
UPI transactions: About National Payments Corporation of India (NPCI)
NPCI is made for managing payments and their settlements in the country. It was set up in 2008. Now it is managing the largest payment platform which is UPI.
National Payments Corporation of India has also made payments easier through a bunch of payment options.
These are as follows :
- RuPay Card
- Immediate Payment Service (IMPS)
- Bharat Interface for Money (BHIM)
- BHIM Aadhaar
- National Electronic Toll Collection (NETC Fastag)
- Bharat BillPay.