New Delhi, July 1 (IANS). Transactions through Unified Payments Interface (UPI) have increased by 23 percent year-on-year to 22.72 billion in June. During this period, their value has increased by 20 percent to Rs 28.92 lakh crore. This information was given in the data released by National Payments Corporation of India (NPCI) on Wednesday.
On an average, there were 75.7 crore transactions per day through UPI in June. During this period, the average value of daily transactions has been Rs 96,405 crore.
The number of UPI transactions in May was 23.20 billion and their value was Rs 29.90 lakh crore. On an average, UPI processed about 74.8 crore transactions every day in May, and the average value of transactions per day stood at about Rs 96,465 crore.
UPI, which started 10 years ago to connect the common man with the digital payments ecosystem, now facilitates crores of transactions daily across India. The number of UPI transactions was just 2 crore in FY 2016-17, which has increased to more than 24,162 crore in FY 2025-26.
UPI is now available in more than eight countries including UAE, Singapore, France, Mauritius and Sri Lanka, strengthening India’s presence in the global fintech sector.
Following the recent introduction of UPI in Greece, customers can send money quickly, securely and easily and transaction costs have become much lower than traditional methods.
Last month, US lawmakers cited the example of India’s UPI while discussing the future of America’s payments system. He explained how modern public payment infrastructure can promote innovation in the private sector. During this, fintech companies demanded Congress to make major changes in the rules related to access to America’s payment network.
This comparison with India was made during the hearing of the ‘Sub-Committee on Financial Institutions’ of the ‘House Financial Services Committee’. In it, lawmakers considered whether the US should modernize its regulatory framework to allow qualified non-bank payments companies to access the Federal Reserve’s payments infrastructure directly, rather than relying on traditional banking intermediaries.
–IANS
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