The National Payments Corporation of India (NPCI) has released the latest data on Unified Payments Interface (UPI) transactions for July 2024, showcasing impressive growth. In July, the number of UPI transactions reached a staggering 14.44 billion, marking a 45% increase compared to the same month last year. The total transaction value for July 2024 stood at Rs. 20.64 lakh crore, representing a 35% year-over-year growth.
The average daily transaction count for July 2024 was 466 million, with an average daily transaction value of Rs. 66,590 crore. These figures highlight the robust adoption and increasing reliance on UPI for digital payments across India.
For comparison, in June 2024, the UPI transaction count was 13.89 billion, with a transaction amount of Rs. 20.07 lakh crore. The average daily transaction count in June was 463 million, and the average daily transaction value was Rs. 66,903 crore.
The significant growth in both transaction count and value from June to July indicates a strong upward trend in digital payment adoption. UPI continues to be a preferred method for secure and instant transactions, driving the digital economy forward.
NPCI’s data underscores the rapid advancement of digital payments in India, with UPI playing a central role. The convenience and efficiency of UPI have made it a vital tool for individuals and businesses alike, fostering financial inclusion and streamlining payment processes.
Along with the UPI numbers, NPCI also released NETC FASTag monthly volumes, where the transaction count stood at 323 million, registering a growth of 9% YoY. While the transaction amount was reported at Rs. 5578, with a growth of 12%.
