Noida, Aug 4 (APAC Media): India’s Unified Payments Interface (UPI) registered its highest-ever monthly transaction volume in July, processing 23.66 billion transactions worth ₹29.88 lakh crore, marking another important milestone in the country’s rapidly expanding digital payments ecosystem.
Sharing the achievement in a social media post, the Prime Minister’s Office (PMO) said the record reflects the sustained growth of India’s digital payment infrastructure and its increasing adoption across Tier-2, Tier-3 and rural regions.
The PMO said the latest figures underscore the country’s steady progress in strengthening digital financial inclusion and expanding access to secure, seamless and instant payment services.
“UPI’s record performance reflects the continued expansion of India’s digital payments ecosystem, with strong adoption across Tier-2, Tier-3 and rural regions, reaffirming the nation’s leadership in digital innovation and financial inclusion,” the PMO said.
UPI has emerged as the world’s largest real-time payments platform, forming the backbone of India’s digital economy and accounting for nearly half of all global instant payment transactions.
Launched on April 11, 2016, UPI has completed a decade of transformative growth, evolving from a fledgling digital payments initiative into a globally recognised public digital infrastructure. The platform has revolutionised everyday transactions by enabling instant, interoperable and cashless payments for millions of individuals and businesses.
Industry experts attribute UPI’s sustained growth to increasing smartphone penetration, wider internet access, government-led digital initiatives, and the rapid adoption of QR-code-based payments by merchants across urban and rural India.
The latest record further reinforces India’s position as a global leader in digital payments, with UPI continuing to drive financial inclusion, facilitate seamless commerce and serve as a model for digital public infrastructure worldwide.
–ENDS–
Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
Also Read:
Crude Oil Prices Settle Lower as Oman-Iran Talks Ease Strait of Hormuz Supply Concerns
