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  • DAILY CURRENT AFFAIRS:PM Narendra Modi lauds over 6 billion record transactions on UPI platform in July 2022

PM Narendra Modi lauds over 6 billion record transactions on UPI platform in July 2022

Tags: Economy/Finance

Prime Minister Narendra Modi in a response to a tweet by the Union Finance Minister Nirmala Sitharaman on 2 August 2022  has lauded the outstanding accomplishment of  more than 6 billion UPI(Unified Payment Interface ) transactions in July, the highest ever since 2016.

  • According to the National Payments Corporation of India (NPCI), which operates the platform, there were 6.28 billion transactions amounting to Rs 10.62 lakh crore were transacted on the platform in the month of July 2022.
  •  Month-on-month, the volume of transactions was up 7.16 percent and value increased 4.76 percent. Year-on-year (YoY), the volume of transactions nearly doubled while value of transactions was up 75 per cent.
  • Over the past four years, digital payment transactions have grown from Rs 3,134 crore in FY 2018-19 to Rs 5,554 crore in FY 2020-21. During the financial year 2021-22, a total of 7422 crore digital transactions were reported till February 28, 2022.

UPI (Unified Payment Interface)

  • UPI was launched by NPCI (National Payment Corporation of India) in 2016. It provides an instant fund transfer system from one bank account to another through a mobile phone.
  • The UPI app works on smartphones and UPI123pay  app  has been launched for the users of the feature phones . .
  • It is operational 24x7 and 365 days.
  • The maximum fund transfer limit is Rs 2 lakh per transaction.
  • It is based on the Immediate Payment Service (IMPS) platform.
  • Nepal is the first country in the world outside  India to adopt the UPI system .
  • NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India has also signed an agreement with partners in Singapore, Bhutan and UAE for accepting UPI QR(Quick Response)-based payments.  It means Indians travelling to these countries can pay through their UPI app.

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