Monthly UPI transactions surpassed the 10-billion mark in August, according to the National Payments Corporation of India (NPCI).
A total of 10.58 billion transactions were made digitally through UPI in August, valued at over Rs 15,760 crore (over $183 billion), in a country of 135 crore people, according to data from NPCI.
NPCI is the apex body for all retail payment systems in India. UPI (unified payment interface) is an instant payment system that allows instant transfers to any bank account through mobile devices.
“Drum roll please! UPI has just broken records with an amazing 10 billion plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionise the way we transact with UPI,” NPCI said on X, formerly known as Twitter.
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The latest figure represents a growth of 62% compared to August last year when the country recorded around 6.5 billion UPI transactions. August 2021 clocked 3.5 billion transactions.
In July this year, UPI transactions stood at 9.96 billion (996.4 crore), up from 9.33 billion in June. The total value of transactions was Rs 15,33,645.20 crore.
In October 2019, almost three years after its launch in 2016, UPI surpassed 1 billion monthly transactions for the first time.
Edited by Swetha Kannan
