UPI crosses document 6 billion transactions in July 2022

Prime Minister Narendra Modi on Tuesday hailed the achievement of Unified Payments Interface (UPI) transactions crossing 6 billion in July — the very best ever since its launch six years again. Also Read – Delete UPI IDs in PhonePe and Google Pay: Declutter your UPI expertise

According to knowledge launched by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions value Rs 10.62 trillion in July — a rise of seven % over June. Also Read – How to vary UPI Pin utilizing PhonePe: Step-by-Step information

“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,” Modi stated in a tweet. Also Read – How to Change UPI Pin utilizing Paytm app: Step-by-Step information

In FY22, UPI processed greater than 46 billion transactions amounting to over Rs 84.17 trillion, thus breaching the $1 trillion mark.

UPI’s goal is to course of a billion transactions a day within the subsequent 5 years.

The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan.

Recently, the NPCI mandated that every one UPI-based purposes get hold of shoppers’ prior authorisation earlier than recording their location.

Any time a consumer offers permission to document their location, the permission have to be correctly communicated to the UPI, else the corporate will take stern motion.

This rule have to be adopted by all members by December 1 and applies to home UPI transactions between people.

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