In June 2024, 1,389 crore transactions were done through Unified Payment System i.e. UPI. During this period, a total amount of Rs 2,007 lakh crore was transferred. The number of transactions has increased by 49% on an annual basis. At the same time, the amount transferred through it has increased by 36%. A year ago i.e. in June 2023, transactions worth Rs 14.75 lakh crore were done through 934 crore transactions. At the same time, compared to the previous month, the number of transactions has decreased by 1% and the amount transferred by 2%. Transactions worth Rs 20.45 lakh crore through UPI in May 2024 In May 2024, 1,404 crore transactions were done through UPI and an amount of Rs 20.45 lakh crore was transferred through it. The National Payment Corporation of India (NPCI), the organization that regulates UPI, released the transaction figures today (July 1). UPI is operated by NCPI. In India, the operation of RTGS and NEFT payment systems is with the RBI. Systems like IMPS, RuPay, UPI are operated by the National Payment Corporation of India (NPCI). The government had made a zero-charge framework mandatory for UPI transactions from January 1, 2020. How does UPI work? For UPI service, you have to create a virtual payment address. After this, it has to be linked to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The person making the payment simply processes the payment request according to your mobile number. If you have his UPI ID (e-mail ID, mobile number or Aadhaar number), then you can easily send money through your smartphone. Not only money, but you will not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these tasks through the Unified Payment Interface system. UPI is now rapidly becoming a global transaction system. That is, transactions are being done through it in many countries outside India as well…
