According to latest data published by the Reserve Bank of India (RBI), unified payments interface (UPI) transactions more than doubled in value in July 2021 on a year-on-year basis, outstripping payment by cards, which went up 42 per cent.
UPI transactions by value touched their highest ever in July 2021 at Rs 6.06 trillion, surpassing the previous record of Rs 5.47 trillion in June 2021 and up from Rs 2.91 trillion a year ago. Moreover, UPI platforms saw a 109 per cent jump as consumers switched to digital payments for daily essentials at local stores as well as premium purchases.
On the other hand, card spending stood at Rs 1.36 trillion in July 2021, which was the highest since April 2021. It rose from Rs 958.83 billion in the previous year as the economy recovered.