UPI reaches new milestone with highest-ever transaction value of Rs 29.88 lakh crore

India's Unified Payments Interface (UPI) continued its upward trajectory in July, clocking its highest-ever monthly transaction value. According to data released by the National Payments Corporation of India (NPCI), the platform touched a new peak in transaction volumes, while the value of transactions reached Rs 29.88 lakh crore in July.The platform processed 23.66 billion transactions during the month, exceeding the 22.72 billion recorded in June and the previous high of 23.2 billion in May. On an annual basis, the value of UPI transactions rose 19% from Rs 25.08 lakh crore in July last year to Rs 29.88 lakh crore this year.The latest figures indicate sustained growth in the use of UPI for digital payments. While transaction volumes stood at 22.72 billion in June, they rose to 23.66 billion in July.