In August, 657 Crore Transactions Made Through UPI Worth Rs 10.72 Lakh Crore In Value

According to data provided by the National Payments Corporation of India (NPCI) on Thursday, the Unified Payments Interface (UPI) processed a record (657 crore) 6.57 billion transactions worth Rs 10.72 lakh crore in August. In August, UPI volumes increased by over 100% YoY, while transaction amounts increased by 75% YoY.

With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day,” said Rajesh Mirjankar MD & CEO, Kiya.ai.

Last month, the country experienced its first month with more than 6 billion transactions, with a total value of Rs 10.62 lakh crore. After its launch six years ago, UPI has seen a steady increase in usage, with Prime Minister Narendra Modi last month praising the milestone of UPI transactions exceeding 6 billion in July.

“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic,” Modi said in the tweet.

By the end of FY22, UPI has handled over 46 billion transactions totaling over Rs 84.17 trillion, which is more than $1 trillion. UPI hopes to conduct a billion transactions daily within the next five years. 

On April 11, 2016, then-Governor of the Reserve Bank of India Raghuram Rajan introduced the UPI service. In a recent policy change, the NPCI required that all UPI-based apps get users’ permission before tracking their whereabouts. 

Client consent to location recording must be reported to the UPI in a timely manner or the firm will take disciplinary action. 

All participants are required to comply with this regulation for domestic UPI transactions by December 1.

“UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India,” said Swapnil Bhaskar, Head of Strategy, Niyo, a neobank for millennials.