UPI transactions up 9% month-on-month in July to 822 million

BENGALURU: After a couple of months of tepid growth, Unified Payments Interface (UPI) saw a 9% month-on-month growth in transactions in July to 822.2 million.

As per the latest statistics shared by the National Payments Corporation of India (NPCI), UPI transactions crossed 800 million during the month, up from 754 million in June, after coming close in March with 799 million.

Along with UPI, interbank fund transfer mechanism IMPS (Immediate Payment Service) clocked rapid growth, up 10.5% month-on-month in July to 189 million transactions, from 171 million in June.


Both UPI and IMPS are interbank instant fund transfer mechanisms and they have seen increased adoption with the government’s push towards digitisation. UPI has grown almost 250% from 235 million transactions in July 2018 while IMPS has grown almost 50% since clocking 127 million transactions a year ago.

On the other hand, UPI payment application BHIM, which is run by NPCI, has continued its slow growth rate, clocking 16 million transactions in July, as against 15 million in the previous month.