new Delhi. The July figures of UPI Transaction revealed that India is now moving towards Cashless Nation. This means that now the people of the country have increased confidence in UPI or, say, Digital Transaction. Due to which the figure of UPI Transactions has reached 150 crores which is 16 crores Transactions higher than June which is a record. Let us also tell you what kind of data has been presented by National Payments Corporation of India.
Record UPI Transactions in July
According to the July data released from the National Payment Commission of India, the country has recorded 1.49 billion UPI transactions in the month of July, which is a record. July has also surpassed the record for the month of June, when the UPI transaction was 134 crores in the country. According to the data released on August 1, there were transactions of Rs 2.61 lakh crore in the month of June which has increased to Rs 2.90 lakh crore in July.
IMPS transactions also increased
Digital payments are being continuously campaigned by NPCI, Reserve Bank of India and Government of India. The benefit of which is also seen. Digital transactions are increasing continuously in the country. As such, the number of transactions in retail payment channels has increased in the last month. If you talk about IMPS, the number of its transactions increased to 222 million, and in rupees, then in the month of July in India, IMPS transactions worth Rs 2.25 lakh crore have been done. Whereas in the month of June there were 199 million IMPS transactions.
UPI transaction reduced in lockdown
According to the information, the number of UPI transactions was reduced during March and April due to coronavirus lockdown. At that time the permission for online delivery of non-essential items was discontinued. Due to which there was a decline of about 25 percent in the number of transactions. 125 crore transactions were seen in the month of March. There was a drop of 8 per cent over February. At the same time, a record 20 percent decline was seen in the month of April. Only 99 crore transactions took place.