Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.
On a month-on-month basis, it registered an 8.94 percent growth from 1.23 billion in May.
In June, the volume in terms of transactions touched the highest level so far, as per the data available, with the first set of data dating back to April 2016 — with nil transaction.
The number of transactions through all the available means on the NPCI platform were in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion-plus transaction volume in May.
Online payments slowly gathered pace from May, with a staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore, showed the NPCI data.
NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country.
It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.
NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.