UPI transactions touched a record high of 19.47 billion in July, valuing ₹25.08 lakh crore. This number is the reported second-highest after ₹25.14 lakh crore recorded in May. The data was shared by the National Payments Corporation of India (NPCI).
In terms of volume, the highest number was 18.67 billion reported in May, which declined to 18.39 billion in June with a transaction amount of ₹24.03 lakh crore.
NPCI said the value of the transactions worked at ₹25.08 lakh crore in June against ₹20.64 lakh crore in the same month a year ago, registering a 21 per cent growth on an annual basis. On a month-on-month basis, the growth was 4.3 per cent in terms of value.
"This surge signals a critical shift in nanopreneurs, local retailers, and last-mile users, who are increasingly embracing digital payments, reducing their dependence on cash, and gaining access to the formal financial ecosystem. As platforms like UPI evolve, they are becoming the digital backbone of an inclusive economy," Spice Money CEO Dilip Modi said.
Also Read: MSMEs embracing digital payments
Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global real-time digital payments. UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France is a milestone because it is UPI's first step in Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.
NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA). It runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants' end while making purchases.
NPCI has brought in fresh limits aimed at reducing system load, cutting down on failed transactions, and improving reliability -- especially during peak hours.
Users can now check their account balance via UPI apps up to 50 times a day from Friday. Previously, there was no limit. The cap is meant to ease network load and keep systems running smoothly, according to experts. Besides, the feature that displays all linked bank accounts via the 'List Account' API is capped at 25 requests per user, per app, per day. This aims to reduce unnecessary API load on the banking infrastructure.
Any UPI ID tied to a mobile number that has been inactive for more than 12 months will be automatically disabled to prevent misuse after number reassignment, while new bank accounts added to UPI will undergo enhanced verification, including stronger user authentication and validation checks.
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