The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth Rs 10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday. The growth in UPI volumes is up almost 100 per cent (year-on-year) and amounts transacted grew by 75 per cent YoY in the month of August.
“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 and CEO, Kiya.ai.
The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore. Prime Minister Narendra Modi last month hailed the achievement of UPI transactions crossing 6 billion in July — the highest ever since its launch six years back.
“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 had said in a tweet.