In July 2024, Unified Payments Interface (UPI)-based transactions surged to 20.64 lakh crore rupees, reflecting a 35% year-on-year increase, according to data released by the National Payments Corporation of India (NPCI).
The total number of UPI transactions grew by nearly 4% month-on-month to 14.44 billion, with an average daily transaction volume of 466 million. UPI is now gaining up to 60 lakh new users every month, driven by the integration of RuPay credit cards on UPI and its expansion into foreign countries.
The Reserve Bank of India’s (RBI) latest report on Currency and Finance (2023-24) highlights India’s emergence as a leading digital economy, supported by robust digital infrastructure, a dynamic fintech ecosystem, and favorable policies.
Q.: Unified Payments Interface (UPI) Transactions Reaches 20.64 Lakh Crore in July 2024. UPI is developed by?
A) Reserve Bank of India (RBI)
B) National Payments Corporation of India (NPCI)
C) Ministry of Finance
D) State Bank of India (SBI)
Ans : B) National Payments Corporation of India (NPCI)
In July 2024, Unified Payments Interface (UPI)-based transactions surged to 20.64 lakh crore rupees, reflecting a 35% year-on-year increase, according to data released by the National Payments Corporation of India (NPCI). UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
