UPI Transactions Cross 10-Billion Mark For The First Time In August

The Unified Payments Interface crossed the 10-billion mark in August for the first time.

Over 10.24 billion transactions were recorded until Aug. 30, according to the National Payments Corp. of India. The number of transactions rose by over 55% from a year earlier.

The overall value of transactions stood at Rs 15.18 lakh crore in August.

In July, the platform recorded 9.96 billion transactions, according to data on the NPCI website.

The overall value of transactions also registered a growth of 41% year-on-year, up from Rs 10.72 lakh crore in August 2022.

In July, UPI processed a total of 4.18 billion person-to-person, or P2P, payments as opposed to 5.78 billion person-to-merchant transactions.

While transactions made to merchants had a higher volume in July, the value at Rs 11.48 lakh crore exceeded payments worth Rs 3.85 lakh crore made to merchants during the month.