UPI Transactions Show Growth Despite June Decline, HDFC Twin Merger Receives Approval
Unveiling the Growth of UPI Transactions and Key Financial Developments in India The Unified Payments Interface (UPI) has witnessed significant growth in transaction volumes in recent months, although there was a slight decline in June. Additionally, the long-awaited merger of HDFC Bank and HDFC Life has finally received approval, marking a notable change in India's financial landscape. Digital Payments on the Rise: UPI Transactions Drive Financial Transformation in India Examining UPI Transactions: In June, UPI transactions totaled 9.3 billion, experiencing a minor decrease compared to May's 9.4 billion due to the shorter month. Nevertheless, there was a remarkable year-on-year increase of 59% in transaction volume. The transaction value also grew by 45% year-on-year, reaching Rs 14.8 trillion in June, only marginally lower than May's figure of Rs 14.9 trillion. Factors Driving UPI's Growth: The growing popularity of UPI transactions can be attributed to several fact...