The month of July recorded an increase of 432.5 million in the number of UPI transactions and saw the highest number of average transactions in a day. The transaction value on the Unified Payments Interface (UPI) stood at Rs 6.06 lakh crores in July 2021, up by 2.1x compared to the same month in the previous year, according to data released by the National Payments Corporation of India (NCPI). Overall, transaction volumes increased by 2.2 times over the last year to 3.24 billion in July. While UPI payment volumes grew by 15.4% in July 2021 over the previous month, the UPI transaction value went up by 10.8% compared to June. This sharp increase comes after a drastic slump in both metrics in April, given several state-imposed lockdowns due to the second wave of the COVID-19 pandemic. Key observations 1. Increase…
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