India's digital payment landscape witnessed a groundbreaking development as the Unified Payments Interface (UPI) achieved an extraordinary surge in monthly transaction volumes soaring close to 10 billion in July 2023.

Driven by the government's initiatives to drive a cashless economy, the rise of smartphone usage and a growing number of digital-savvy customers, UPI transactions have continued to see record numbers in the past months.

📊 UPI transactions in India reached a record high of 7.82B in Dec. 2022, valued at $174B
India’s flagship payment platform, Unified Payments Interface (UPI), ended the year on a high note with a record 7.82 billion transactions in December, worth a record Rs 12.82 trillion ($174.6 billion). Data from the National Payments Corporation of India (NPCI) shows that this is a 7.12%

According to data released by the National Payments Corporation of India (NPCI), UPI recorded a significant milestone in July, with transactions amounting to a staggering Rs 15.34 trillion ($185.2 billion), as shown in the infographic below. This marked a slight increase from the previous month and set a new record for UPI since its public launch in April 2016.

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