In May this year, payments through UPI had crossed Rs 10 lakh crore.
Last month, there were 657.9 crore transactions worth Rs 10.72 lakh crore.
UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) transactions. Transactions are done through mobile in easy steps. Also, there is no charge applicable for UPI transactions as of now. Apart from this, UPI has played a vital role in making the country almost cashless economy.
The cheaper medium for cashless transactions is gaining traction month after month.
As per NPCI data, in June 2022, the value of transactions under UPI digital payments declined marginally to Rs 10,14,384 crore from Rs 10,41,506 crore in May. This increased to Rs 10,62,747 crore in July.
Payment through UPI is expected to set another record both in terms of transactions and value in the festive months of October and November.
The major advantage of UPI is that it has removed the inconvenience of third-party payments, Spice Money CEO Sanjeev Kumar said.
Whereas services like net banking, call for procedures like OTP Generation, which is also a major source of digital fraud in India, allows money to be transferred between multiple accounts using UPI without the need for unique profiles for each transaction, he said.