UPI crosses 10 billion monthly transactions, confirms NPCI

livemint.com:

UPI), crossed 10 billion monthly transactions in August, confirmed the Reserve Bank’s non-profit agency, National Payments Corporation of India (NPCI). In a tweet, the body confirmed that payments made on UPI crossed this feat on Wednesday. Monthly transaction count on UPI crossed 10.24 billion on 30 August, with net transaction value of ₹15.18 trillion.

Transactions on UPI have grown by over 50% year-on-year, with August last year registering 6.58 billion monthly transactions. The payments network neared the 10 billion mark in July itself, registering 9.96 billion transactions last month—after the month of June saw a marginal sequential drop from May. UPI crossed 1 billion monthly transactions for the first time in October 2019, thus taking less than four years to grow 4x in its adoption.

Confirmation of total transaction volume and value for the month of August was yet to be updated by NPCI until press time. Industry stakeholders said that the payments framework has further room for growth. Sunil Rongala, senior vice-president and head of strategy for India at payments services firm Worldwide said, “At 10 billion, there is still a lot of room for UPI transactions to grow.