UPI transactions surge to Rs 5.47 lakh crore in Jun

UPI enabled digital transactions surged 11.6 per cent month-on-month to Rs 5.47 lakh crore in June this year, NPCI data showed on Thursday.

In May 2021, the UPI (unified payments interface) transactions stood at Rs 4.91 lakh crore.

In terms of numbers, there were as many as 2.80 billion (280 crore) transactions during the month under review, as against 2.53 billion (253 crore) in May, according to the data.

National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of the Reserve Bank and Indian Banks' Association (IBA) for creating a robust payment and settlement infrastructure in India.

The Unified Payments Interface (UPI) of NPCI allows financial transactions by bringing multiple bank accounts into a single mobile application.