657 Cr Transactions Worth ₹10.72 Lakh Crore Made Via UPI In August
The Unified Payments Interface aka UPI registered a record 6.57 billion (657 crore) transactions worth Rs 10.72 lakh crore in August
UPI registered 100% growth in YoY (Year on Year) transactins volume.
The amount transacted also grew by 75% YoY in the August 2022.
The National Payments Corporation of India (NPCI) shared this data on 1st September 2022.
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
"NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai.
PM Narendra Modi last month praised the achievement of UPI transactions crossing 6 billion in July — the highest ever since its launch six years back.
In FY22, UPI processed more than 46 billion transactions amounting to over Rs 84.17 trillion, thus breaching the $1 trillion mark.
The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan.