UPI Crosses 10 Billion Transactions in August, Makes Historic Milestone
The National Payments Corporation of India (NPCI) announced on Aug 31 that the instant payment system Unified Payments Interface (UPI) has crossed the historical mark of 10 billion transactions for the first time in August.
"Please, drumroll!" UPI has recently broken records with over 10 billion transactions. Join us in celebrating this amazing achievement and the power of digital payments. Let us keep the momentum going and continue to revolutionise the way we conduct UPI transactions!" The payment system's operator, NPCI, announced the news on the social media platform 'X,' formerly known as Twitter.
According to NPCI data, UPI processed 9.96 billion transactions in July, with a total value of Rs 15.34 lakh crore.
UPI transactions have increased in recent years as a result of the introduction of several such interfaces, and people are increasingly using them to make all kinds of payments, from small shopkeepers to large institutions.
Furthermore, the government has aggressively promoted these modes of payment, particularly the BHIM app, which has gradually increased their volume and value.