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As the launch of United Payments Interface (UPI) 2.0 is nearing, transactions by its previous version fell by 4 per cent till July. This is the biggest drop in volume since its introduction.
The volume of transactions for July stood at 235.65 million against 246.37 million in June. The value of UPI transactions grew by 12 per cent to Rs 458 billion.
UPI has seen growth in volume and value over the previous month, barring a marginal fall in volume in October 2016, May and July 2018. This growth sped up as wallets struggled to comply with Know-your-customer norms since October 2017.
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