New Delhi. Prime Minister Narendra Modi on Tuesday lauded the achievement of Unified Payments Interface (UPI) transactions, which crossed 6 billion in July, the highest since its launch six years ago. According to data released by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions worth Rs 10.62 trillion in July, a growth of 7 per cent over June. In a tweet, PM Modi said, “This is an outstanding achievement. It indicates the collective resolve of the people of India to adopt new technologies and make the economy clean. Digital payments were especially helpful during the COVID-19 pandemic.”
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. https://t.co/roR2h89LHv
— Narendra Modi (@narendramodi) August 2, 2022
UPI aims to process one billion transactions a day in the next five years. UPI facility was launched on 11th April 2016 by the then Governor of Reserve Bank of India Raghuram Rajan. Recently, NPCI has mandated that all UPI-based applications obtain prior authorization of the consumers before recording their location.
Whenever a customer gives permission to record his location, the permission should be properly communicated to UPI, otherwise the company will take strict action. By December 1, all members will have to comply with this rule that applies to domestic UPI transactions between individuals.