February 29, 2024

We are creating some awesome events for you. Kindly bear with us.

India’s Payments Interface Records 2.8 Billion Transactions in June

The United Payments Interface (UPI) system, a government-owned digital payment mode, recorded 2.8 billion transactions in June- an all-time high. The figure was a 10.6% jump in volume and an 11.56% jump in value compared to May, as per data released by the National Payments Corporation of India (NPCI). UPI had clocked 2.53 billion transactions in May, down from 2.73 billion in March. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India.

According to reports, a surge in UPI payments after the lifting of lockdowns indicates the likelihood of business activities resuming during June. For the April-May months, UPI had seen a 2.5% decline in value terms. Other branches of UPI and modes of digital payments, including Bharat Bill Payment System (BBPS), National Electronic Toll Collection (NETC), Aadhaar-enabled Payment System (AePS), and Immediate Payment Service (IMPS) also showed significant growth for June.

BBPS payments transactions grew by 16% month-on-month at 45.47 million. NETC by 35.3% to 157 million, IMPS by 8% to touch 303.7 million, and AePs rose marginally at 87.5 million for June. The drop in total digital payments during FY21 is attributable to a slump in business activities due to challenges posed by the COVID-19 pandemic, which led to economic contraction for several quarters. However, economic activities are back on track this year with a rebound in GDP, which will increase the payment transactions this financial year, an industry expert explained.

India is among the top countries in mobile commerce adoption, according to a recent study that surveyed the views of 13,000 global shoppers. 54% of the respondents said they would spend more money if they can use digital payment methods. The survey observes that 93% of Indian respondents prefer using digital wallets regularly as compared to their global counterparts’ average of 55%. 94% of Indian shoppers reported that digital wallets have made shopping easier, and the vast majority (98%) have shopped at an online-only retailer in the past 12 months.

The government is working to increase the adoption of cashless payment systems in the country. In May, NPCI partnered with a Turkish global payment solutions company PayCore as a certified partner for RuPay SoftPOS. Millions of merchants now can convert their near field communication-enabled (NFC) smartphones into a POS machine to accept contactless payments through RuPay SoftPOS.

RuPay is NPCI’s multinational financial services and payment service system. RuPay SoftPOS enables merchants to accept payments securely from contactless cards, mobile wallets, and wearables. Under the collaboration, NPCI said it has authorised the SoftPOS solution developed by PayCore for RuPay. This solution can be integrated into bank or aggregator acquiring systems to enable acquiring of RuPay using mobile phones enabled with NFC (near field communication-enabled) capability or add-ons.

As OpenGov Asia had reported, by 2025, digital payments in India could account for 71.7% of the total payments volume, leaving cash and cheques at 28.3%. Last year, the transaction volume share in the country stood at 15.6% and 22.9% for instant payments and other electronic payments, respectively. Paper-based payments had a considerable share of 61.4%. More than 70.3 billion real-time payment transactions were processed globally last year, a surge of 41% compared to the previous year, as the COVID-19 pandemic dramatically accelerated trends away from cash and cheques towards greater reliance on real-time and digital payments.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend