UPI crosses 10 billion transactions in August 2023, in a new high for Digital India
Unified Payment Interface (UPI) is a swift payment system that enables individuals to promptly send funds to any bank account. Photo: NPCI/DailyO
The Unified Payments Interface (UPI) transactions, for the very first time, crossed the 10 billion mark in August 2023.
What
The National Payments Corporation of India (NPCI), on Friday, took to X (formerly Twitter) to break the news, saying, "It's 10 billion+ transactions in August 23! Make seamless payments from your mobile in real-time with UPI."
It's 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI.#UPI #DigitalPayments #UPIChalega @GoI_MeitY @_DigitalIndia @upichalega @dilipasbe pic.twitter.com/5NrcpIirn8
— NPCI (@NPCI_NPCI) September 1, 2023
- UPI, since 2016, using mobile phones, has enabled real-time money transfers, commercial and personal.
- It has changed the way Indians pay now.
- Of late, UPI has been expanding its footprints beyond India, to countries like Bhutan, Nepal, France and the UK, among others.
Rakhee gifts, to bulk payments for holidays, "UPI chalega" has driven digital payments in India to a whole new level.
10 billion transactions
According to the monthly NPCI data for August 2023, the number of UPI transfers till August 30 stood at 10.24 billion, translating to an amount of Rs 15,18,456 crore.
Compared to July 2023, when using 9.96 billion transactions, Rs 15,33,645.20 crore was transferred among UPI users.
The post also stated that the transactions, compared to last year (August 2022), saw a 61% growth and the transaction values soared by 47%, which are substantial jumps.
The National Payments Corporation of India (NPCI) serves as the overarching body overseeing all payment systems in India. Unified Payments Interface (UPI) is the platform that facilitates these instantaneous money transfers via mobile devices, available 24/7.
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