UPI Keeps Rewriting Record Books – What Makes It Work?

UPI (Unified Payments Interface), which is in some ways the backbone of payment platforms like GooglePe and PhonePe that have transformed the Indian business transaction landscape in recent years, is on a record wave. It recorded 6.28 billion transactions worth Rs 10.62 lakh crore (trillion) for the month of July, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. In the monthly comparison, the transaction volume rose 7.16% and the value increased 4.76%.

Prime Minister Narendra Modi praised UPI’s achievement of transactions surpassing 6 billion in July – the highest since its launch six years ago. “This is a remarkable achievement. It indicates the collective determination of the people of India to embrace new technologies and make the economy cleaner. Digital payments have been particularly helpful during the COVID-19 pandemic,” Modi said in a tweet.

UPI and its impressive numbers

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