Prime Minister Narendra Modi said that digital payments were very much helpful during the COVID-19 pandemic
Prime Minister Narendra Modi. PTI
New Delhi: “Outstanding accomplishment” said Prime Minister Narendra Modi as her praised the Unified Payments Interface (UPI) recording six billion transactions in July. He said that the feat indicates the collective resolve of the people to embrace new technologies and make the economy cleaner.
PM Modi said that digital payments were very much 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
PM Narendra Modi’s remarks came in response to a tweet by Union Finance Minister Nirmala Sitharaman, stating that UPI recorded 6 billion transactions in July, highest ever since 2016.
According to a data by the National Payments Corporation of India, or NPCI, in July, UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion.
The volume of UPI transactions month-on-month was up 7.16 per cent, while value increased 4.76 per cent. Year-on-year (YoY), the volume of transactions almost doubled and value of transactions was up 75 per cent.
In October 2019, UPI for the first time crossed 1 billion transactions. The feat was achieved almost after three years of its launch.
UPI processed more than 2 billion transactions in October 2020. In the next ten months, UPI processed 3 billion transactions.
The COVID-19 pandemic saw a massive increase in use of digital payments in the country. A report by Business Standard said that in the Financial Year 22, UPI processed more than 46 billion transactions amounting to over Rs 84.17 trillion, thus breaching the $1 trillion mark.
In FY21, it had processed 22.28 billion transactions, amounting to Rs 41.03 trillion.
With inputs from agencies
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