After recording the highest transactions ever in June since its inception, Un
After recording the highest transactions ever in June since its inception, Unified Payments Interface (UPI) has touched a new high in July by recording an 11 per cent growth over the previous month. Transactions in July reached 1.49 billion compared to 1.34 billion in June and 1.23 billion in May, indicative of the fact that more and more people are embracing digital modes of payment over cash. In value terms, UPI recorded transactions worth Rs 2.9 trillion in July, up 11 per cent.
Experts have suggested that because of the virus, a lot of cash users are wary of using currency notes. At checkout points, UPI is becoming the default payment option. It is not only attracting cash users, but card users as well. The UPI numbers will keep rising because there is a fundamental shift in consumer behavior.
While there was a blip in the transactions in April due to the nation-wide lockdown, digital payment transactions soon recovered as the nation opened up after the rigorous lockdown and has almost reached…