The Unified Payments Interface (UPI)-based transactions surged in the month of July, reaching 20.64 lakh crore rupees. National Payments Corporation of India (NPCI) released the data in this regard yesterday. The report said, UPI transactions have a surge of 35 per cent year on year basis.

The total UPI transaction count went up almost 4 per cent (month-on-month) to 14.44 billion in July. The average daily transaction volume stood at 466 million. UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries.

According to the latest Reserve Bank of India (RBI) report on Currency and Finance (2023-24), the country is emerging as a frontrunner on the back of its robust digital public infrastructure, a vibrant fintech ecosystem, and a conducive policy environment to become the fastest-growing digital economy in the world.