Digital India: UPI Crosses the Historic 10 Billion Transactions in August

03 Sep, 2023 Author: Ayushee Joshi

UPI News: With UPI making the greatest contribution, the rise of digital India appears to be accelerating consistently. In the month of August, the Unified Payments Interface (UPI) reached yet another significant milestone. The number of transactions through UPI passed 10 billion in August as a result of consumers beginning to use the online payment mode even for minor purchases. The number of UPI transactions hit 10.24 billion on August 30, according to the National Payments Corporation of India (NPCI). The total amount of these transactions was Rs 15,18,456.4 crore.

UPI’s Growth Till 2023

UPI is the real-time payment method operated by the National Payments Corporation of India (NPCI). Users may immediately send money to any bank account using the instant payment method. According to the recent NPCI data, PhonePe, Google Pay, and Paytm accounted for the majority of the platform’s 10.5 billion recorded transactions in August. The 10.5 billion transactions represent an increase from 9.9 billion in July 2023. In August of last year, NPCI reported 6.5 billion transactions, with 3.5 billion expected in August of 2021. Within two years, the payment method has nearly tripled.