• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Saturday, June 21, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home India News

Prime Minister Narendra Modi delighted as UPI crosses 6 billion transactions

by Aayush Pathak
August 2, 2022
in India News, News
Reading Time: 2 mins read
0
UPI by Business Today
TwitterWhatsappLinkedin

The number of transactions recorded on India’s bellwether digital payments platform, Unified Payments Interface (UPI), in July exceeded 6 billion, reaching a record peak since the network’s launch in 2016. The National Payments Corporation of India (NPCI) has revealed data showing that UPI registered 6.28 billion payments worth Rs 10.62 trillion in July, a jump of 7% from June.

You might also like

Apple in Early Talks to Acquire Perplexity AI, Its Largest Deal Yet

Eutelsat’s Shares Skyrocket as France Leads €1.35 Billion Investment in Satellite Future

Decade-Old Torrent Site Lands Greek Man in Prison Amid Renewed Piracy Crackdown

Nearly three years after its inception, UPI reached 1 billion transactions for the inaugural time in October 2019. When UPI executed more than 2 billion transactions in October 2020, the succeeding billion came along in less than a year. 3 billion transactions were handled through UPI over the following 10 months.

On Tuesday 2nd August, the Indian Prime Minister Shri Narendra Modi praised the accomplishment of 6 billion Unified Payments Interface (UPI) transactions in July on Twitter. “This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic,” his tweet read.

Earlier today only, Nirmala Sitharaman, the Finance Minister of India had also quoted Business Standard in a tweet, sharing the information with the citizens of the country. It was this tweet that Prime Minister Narendra Modi had quoted while lauding the huge achievement.

 

Tweet

Raghuram Rajan, the governor of the Reserve Bank of India at the time, launched UPI’s pilot programme on April 11, 2016. In August of that year, banks began deploying their UPI applications. Millions of people lined up before banks to make withdrawals after the government declared the elimination of the 500 and 1,000 currency notes two months later. UPI payments began to increase while cash-strapped individuals made every effort to limit their use. In the past 2 years, the nation’s use of electronic payments has accelerated due to the Covid-19 pandemic. With the exception of a few glitches during the pandemic’s first two phases, UPI payments are rising as the overall economy improves.

Within the next five years, UPI wants to be able to conduct one billion transactions daily. The RBI’s decision to permit Rupay credit cards to be linked to UPI is anticipated to significantly increase both the number and the amount of payments in the upcoming months.

“We are looking at how we can expand the market. The objective is how we can go back to the 250 million users and how the bank can start doing smaller credits. Also, we are looking at how the 50 million merchants can start accepting credit. We may have to take care of the smaller merchants and protect them from the MDR (merchant discount rate). The existing credit card servicing merchants can continue to pay,” said Dilip Asbe, the chief executive officer or NPCI, at an event on Rupay credit card and UPI linkage

 

Tags: IndiaNarendra ModiNirmala Sitharamanupi
Tweet54SendShare15
Previous Post

North Koreans posing as IT professions to find freelance employment opportunities in crypto market to fund the government indirectly

Next Post

Top 10 Penetration Testing Service in India: Everything You Need to Know

Aayush Pathak

Recommended For You

Apple in Early Talks to Acquire Perplexity AI, Its Largest Deal Yet

by Thomas Babychan
June 21, 2025
0
Apple in Early Talks to Acquire Perplexity AI, Its Largest Deal Yet

In recent weeks, Apple has been engaged in private discussions about a potential acquisition of the AI search startup Perplexity, according to sources familiar with the matter. These...

Read more

Eutelsat’s Shares Skyrocket as France Leads €1.35 Billion Investment in Satellite Future

by Harikrishnan A
June 21, 2025
0
Eutelsat’s Shares Skyrocket as France Leads €1.35 Billion Investment in Satellite Future

Eutelsat, the European satellite company, made headlines this week as its stock surged an impressive 31% on Friday. The rally came right after the company announced it had...

Read more

Decade-Old Torrent Site Lands Greek Man in Prison Amid Renewed Piracy Crackdown

by Harikrishnan A
June 21, 2025
0
Decade-Old Torrent Site Lands Greek Man in Prison Amid Renewed Piracy Crackdown

In a courtroom in Piraeus, Greece, silence quickly turned to shock when three police officers stepped forward, handcuffed a 59-year-old man, and led him away. Moments earlier, the...

Read more
Next Post
Top 10 Penetration Testing Service in India: Everything You Need to Know

Top 10 Penetration Testing Service in India: Everything You Need to Know

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?