The National Payments Corporation of India said that Unified Payments Interface transactions has crossed 10 billion mark in August. UPI is used for immediate money transfer through mobile devices round the clock. According to the NPCI data, the UPI transactions on August 30 stood at 10.24 billion. In value terms, the transaction had totaled Rs 15 lakhs crore.
According to NPCI, which manages the real-time payments system, UPI transactions surged 67 per cent year-on-year to 10.58 billion in August. In July, UPI transactions of 9.96 billion were recorded while the transaction amount stood at ₹ 15.34 lakh crore. UPI payments system saw 9.34 billion transactions in June 2023 with a total transaction amount of ₹ 14.75 lakh crore.
Welcoming the development, Union telecom minister Ashwini Vaishnaw in a tweet said, “Digital India achieves a new record. UPI payment transactions crossed the 10 billion mark in August-23.”
“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,” NPCI tweeted earlier in the day.
India is also in talks with other countries to take the payment system global, especially in developing countries. India also showcased the UPI system at the G20 meetings, enabling the delegates to experience real-time transactions over the phone.
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