“UPI Transactions in India Surpass 10 Billion Mark in August, Setting a New Record”
India’s unified payments interface (UPI) achieved a historic milestone in August, with over 10 billion transactions, according to the National Payments Corporation of India (NPCI). The surge in UPI transactions reflects the growing popularity of digital payments in the country.
India’s digital payments landscape continues to witness remarkable growth as the unified payments interface (UPI) achieved an unprecedented milestone by recording over 10 billion transactions in the month of August. This significant achievement underscores the increasing reliance on digital payment platforms in the country.
According to the National Payments Corporation of India (NPCI), which oversees the real-time payments system, UPI transactions surged by an impressive 67 percent year-on-year to reach a historic high of 10.58 billion in August. This surge in transactions reflects the growing acceptance and trust in digital payment methods among Indian consumers.
Union Telecom Minister Ashwini Vaishnaw celebrated this milestone on Twitter, stating, “Digital India achieves a new record. UPI payment transactions crossed the 10 billion mark in August-23.”
The growth of UPI transactions also translates to a substantial increase in the total transaction amount. In August, the total transaction value surged by 47 percent year-on-year, reaching ₹15.76 lakh crore, according to NPCI data. In July, UPI transactions had reached 9.96 billion, with a total transaction amount of ₹15.34 lakh crore.
The UPI payments system had witnessed 9.34 billion transactions in June 2023, with a total transaction amount of ₹14.75 lakh crore.
The NPCI, recognizing the significance of this achievement, tweeted, “Drumroll, please! UPI has just shattered records with an astonishing 10 billion-plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionize the way we make transactions with UPI.”
Beyond its domestic success, India is actively exploring opportunities to take the UPI system global, particularly in developing countries. The UPI system was showcased at G20 meetings, enabling international delegates to experience real-time transactions via mobile phones.
NPCI officials reveal that India is pursuing two key strategies for international expansion: building digital infrastructure and platforms for partner countries and establishing commercial linkages with existing financial platforms to facilitate payments for Indian travelers and migrants. Several neighboring countries, including Nepal and Bhutan, have already adopted the UPI system, while its implementation in Sri Lanka is imminent. Additionally, India has entered into a partnership with Singapore to streamline the flow of remittances between the two nations.
The crossing of the 10 billion transaction mark in August highlights the increasing reliance on digital payment solutions and reflects the ongoing transformation of India’s financial landscape in the digital age.
Sources By Agencies
About The Author
