New Delhi, Aug 02, 2022, IANS

New Delhi, Aug 2 (IANS) Prime Minister Narendra Modi on Tuesday hailed the achievement of Unified Payments Interface (UPI) transactions crossing 6 billion in July -- the highest ever since its launch six years back.

According to data released by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions worth Rs 10.62 trillion in July -- an increase of 7 per cent over June.

"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," Modi said in a tweet.

In FY22, UPI processed more than 46 billion transactions amounting to over Rs 84.17 trillion, thus breaching the $1 trillion mark.

UPI's target is to process a billion transactions a day in the next five years.

The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan.

Recently, the NPCI mandated that all UPI-based applications obtain consumers' prior authorisation before recording their location.

Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action.

This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals.