UPI crosses 10 billion transactions for the first time in August
Unified payments interface (UPI)has crossed the historical mark of 10 billion transactions for the first time in the month of August, National Payments Corporation of India (NPCI) said on Thursday.
«Drumroll please! UPI has just shattered records with an astonishing 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 revolutionize the way we make transactions with UPI!.» NPCI, which run the payment system, said on social media platform 'X', formerly known as Twitter.
In July, UPI registered 9.96 billion transactions, with the total value for the month hitting Rs 15.34 lakh crore, as per NPCI data.
UPI transactions have been on the rise over the past few years owing to the arrival of several such interfaces, and people increasingly using them to make all sorts of payments, from small shopkeepers to big institutions preferring such modes of payment.
Also, the government has been aggressively promoting these modes of payments, especially the BHIM app, which has gradually led to their increase, both in terms of volume and value.
Unified payments interface (UPI) transactions rose manifolds between 2018 and 2022 in terms of value as well as volume, by 1,320 per cent and 1,876 per cent respectively. In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022.In terms of value, the UPI transactions were Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022.
RBI had in February this year allowed access to foreign nationals and NRIs visiting India by enabling them to make payments using UPI while they are in India.
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