News Update

Monthly UPI Transactions Surpass 10 Billion Milestone

• ByStartupStory     |    September 1, 2023

In a significant achievement, monthly UPI transactions have surged past the 10-billion mark in August, as reported by the National Payments Corporation of India (NPCI). In numerical terms, there were a remarkable 10.58 billion digital transactions conducted via UPI during August, amounting to a total value of over Rs 15,760 crore (equivalent to over $183 billion). This impressive feat is noteworthy in a country with a population of 135 crore individuals, according to NPCI’s data.

NPCI, serving as the apex authority for all retail payment systems in India, manages UPI (unified payment interface), a swift payment system facilitating instant transfers to any bank account through mobile devices. Celebrating this milestone, NPCI conveyed, “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 revolutionize the way we transact with UPI.”

This latest achievement signifies substantial growth, with a 62% increase compared to August of the previous year when India recorded around 6.5 billion UPI transactions. For context, August 2021 recorded 3.5 billion transactions. In the preceding month, July of this year, UPI transactions amounted to 9.96 billion (996.4 crore), up from 9.33 billion in June, with a total transaction value of Rs 15,33,645.20 crore. To provide historical context, UPI reached its first significant milestone in October 2019, crossing the 1 billion monthly transaction mark almost three years after its launch in 2016.

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