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'Outstanding accomplishment': PM Modi on UPI crossing 6 bn transactions, highest-ever since 2016

On month-on-month, UPI transactions have risen by over 7% in volume terms and nearly 5% in value terms. (Pradeep Gaur/Mint)Premium
On month-on-month, UPI transactions have risen by over 7% in volume terms and nearly 5% in value terms. (Pradeep Gaur/Mint)

  • The latest data of NPCI showed that UPI recorded 6.28 billion higher by 7.17% from 5.86 billion transactions in June 2022. In value terms, the transaction aggregated to 10,62,747 crore up by 4.77% from 10,14,384 crore in the previous month.

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Prime Minister Narendra Modi on Tuesday lauded the outstanding accomplishment of the Unified Payments Interface (UPI) crossing 6 billion transactions in July which is the highest ever since 2016. On month-on-month, UPI transactions have risen by over 7% in volume terms and nearly 5% in value terms. Launched in August 2016, UPI is a revolutionary, user-friendly, real-time payment solution that facilitates inter-bank transactions, and enables greater digital payments adoption in the country.

The latest data of NPCI showed that UPI recorded 6.28 billion higher by 7.17% from 5.86 billion transactions in June 2022. In value terms, the transaction aggregated to 10,62,747 crore up by 4.77% from 10,14,384 crore in the previous month.

In May this year, UPI transactions stood at 5.95 billion in volumes aggregating 10,41,506 crore.

PM Modi responded to a tweet by the Union Finance Minister Nirmala Sitharaman.

Through his Twitter account, Modi lauded the milestone touched by UPI. He said, "This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner."

"Digital payments were particularly helpful during the COVID-19 pandemic," Modi added.

UPI's core function is to support easy and secure money transfers between bank accounts. It does this by adding multiple bank accounts into a single mobile application, allowing for seamless fund transfers and merchant payments from one place. It also enables ‘peer to peer’ and ‘peer to merchant’ collection requests, which can be scheduled and paid as requested.

Payments can be made using a UPI ID, UPI Number, Account number, and an Indian Financial System Code (IFSC). Payment security is as per applicable RBI guidelines using a 1-click 2-factor authentication where the second factor of authentication is the UPI PIN.

UPI is also available through the Unstructured Supplementary Services Data (USSD) channel to enable UPI members to cater to users of feature phones.

UPI enables immediate money transfer through mobile devices round the clock 24X7 and 365 days. It is a single mobile application for accessing different bank accounts. UPI can be accessed on all major platforms such as Android and iOS.

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