As compared to June, the Unified Payments Interface (UPI) in July has recorded 822.29 transactions. Since its inception, UPI had never crossed 800 million marks. In March, UPI had registered close to 800 million transactions.
While UPI registered the highest volume, in terms of the value of transaction it remained flat. UPI recorded a transaction of worth Rs 1,46,386.64 crore, i.e. slightly below that of the recorded amount for the month of June.
The volume of transaction of UPI has increased by 9 percent from 754.54 million in June to 822.29 million in July.
The NPCI-regulated inter-bank electronic funds transfer system (IMPS) has recorded the highest transaction value for the month of July at Rs 1,82,021.01 crore. IMPS with 189.28 million transactions in July, has processed second-highest volume to date.
Paytm, Google Pay and PhonePe, are the key driver for the growth of the UPI. With this, three of these payment platforms have managed to process more than 90 percent of the UPI transaction.
Other than the consumer-focused transaction, there has been a big shift in the merchant payments via UPI in the last few months. The merchant payments have increased from 15 percent in April to 31 percent in June.