Blitz Bureau
The Unified Payments Interface (UPI) saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore — a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on September 1.
The average daily transaction amount stood at 483 million last month, as the average daily transaction amount reached Rs 66,475 crore.
The value of UPI transactions processed has remained above Rs 20 lakh crore for four consecutive months.
In July, the UPI-based transactions clocked Rs 20.64 lakh crore and the total UPI transaction count was 14.44 billion. The average daily transaction volume stood at 466 million, as average daily transaction amount stood at Rs 66,590 crore, according to the NPCI data.
UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries. The NPCI has set an ambitious target of achieving 1 billion UPI transactions per day in the coming years.
The homegrown digital payments solution processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, according to latest data by global payments hub Paysecure.
India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
