New Delhi: Prime Minister Narendra Modi has praised the outstanding achievement of 6 billion  Unified Payments Interface (UPI) transactions in July, the highest ever since 2016.

In a response to a tweet by Union Finance Minister Nirmala Sitharaman today, (August 2), the Prime Minister said, "This is a fantastic achievement. It demonstrates the nation of India's broad willingness to adopt new technologies and clean up its economy. The COVID-19 epidemic provided a particularly useful opportunity for digital payments."
The number of transactions recorded by India's leading digital payments platform, Unified Payments Interface , in July exceeded 6 billion, reaching a record high since the platform's launch in 2016.

According to information provided by the platform's operator, the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions totaling Rs 10.62 trillion. The number of transactions was up 7.16 percent month over month, and the value was up 4.76 percent. The volume of transactions almost doubled year over year, while the value of transactions increased by 75 percent. As part of the Indian government's plan to digitise the financial sector and economy, the Ministry of Electronics and IT said that digital payment transactions have been gradually rising over the last several years.

Digital payment transactions increased from Rs 3,134 crore in FY 2018–19 to Rs 5,554 crore in FY 2020–21 during the previous four years. A total of 7422 crore digital transactions were reported up till February 28, 2022, during the fiscal year 2021–2022

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