In a groundbreaking development, Unified Payments Interface (UPI) transactions in India surged past the remarkable milestone of 10 billion in the month of August, according to the National Payments Corporation of India (NPCI). NPCI, the overarching organization governing retail payment systems in the country, announced this significant achievement.
UPI has rapidly gained popularity as a convenient and efficient mode of immediate money transfer through mobile devices, accessible 24/7. This milestone showcases the increasing reliance on digital payment systems in India.
As per NPCI data, on August 30, UPI transactions reached an impressive 10.24 billion, amounting to a total value of Rs 15,18,456.4 crore. This surge in digital transactions reflects the growing acceptance and adoption of UPI for various financial activities.
July also witnessed a substantial uptick in UPI transactions, with a total of 9.96 billion transactions (equivalent to 996.4 crore), and a cumulative value of Rs 15,33,645.20 crore. UPI, known as the Unified Payment Interface, offers users the convenience of instant money transfers to any bank account, making it a preferred choice for individuals and businesses alike.