UPI payments fall by 2.5% to INR 10.14 lakh crore in June 2022

The RBI guidelines and the global economic scenario have had little impact on UPI payments. NPCI processed 586 Cr transactions worth INR 10.14 Lakh Cr in June 2022 alone.

While June numbers were down slightly from May 2022, the payment processing tech platform is making waves around the world and across policies. For example, in June 2022, NPCI International signed an agreement with Lyra Network of France to accept UPI and RuPay Cards in the country. NPCI International has previously collaborated with institutions in Nepal, the United Arab Emirates, Japan, and China, in addition to France. The RBI has now stated that the NPCI will work to establish UPI as a channel for cross-border remittances. In June 2022, the RBI also announced that users would be able to link their credit cards to UPI, beginning with RuPay cards.