Are you using UPI (unified payments interface) transactions to pay for your expenses? If not, you might need to start because the whole country seems indulged in it! UPI-enabled digital transactions have set a new record in June. The total value of transactions was a whopping ₹5.47 lakh crore in June. This was a surge of 11.6 percent from May, as per NPCI data.
In the previous month i.e. May 2021, the total UPI transactions were valued at ₹4.91 lakh crore. Let’s see these numbers in a better way. A total of 2.80 billion (280 crores) transactions took place during June. This is a massive increase as compared to the 2.53 billion (253 crores) in May, according to the NCPI data.
The National Payments Corporation of India (NPCI) is an umbrella organization that operates retail payments and settlement systems in India. This organization was an initiative of the Reserve Bank (RBI) and Indian Banks’ Association (IBA). NPCI creates a robust payment and settlement infrastructure for the nation.
UPI makes it possible for multiple bank accounts to operate transactions through a single mobile application. This makes it much easier to pay for your expenses and receive money all through one application.
