September 2, 2022
2 mins read

UPI transaction value hits Rs 10.72 lakh cr in August

The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore…reports Asian Lite News

The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth Rs 10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday.

The growth in UPI volumes is up almost 100 per cent (year-on-year) and amounts transacted grew by 75 per cent YoY in the month of August.

“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. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day,” said Rajesh Mirjankar MD and CEO, Kiya.ai.

The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore.

Prime Minister Narendra Modi last month hailed the achievement of UPI transactions crossing 6 billion in July — the highest ever since its launch six years back.

“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic,” Modi had said in a tweet.

In FY22, UPI processed more than 46 billion transactions amounting to over Rs 84.17 trillion, thus breaching the $1 trillion mark.

UPI’s target is to process a billion transactions a day in the next five years.

The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan.

Recently, the NPCI mandated that all UPI-based applications obtain consumers’ prior authorisation before recording their location.

Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action.

This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals.

“UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India,” said Swapnil Bhaskar, Head of Strategy, Niyo, a neobank for millennials.

ALSO READ: Airtel unveils next-gen Cloud solutions

Previous Story

Airtel unveils next-gen Cloud solutions

Next Story

Hyundai, Kia global sales up in August

Latest from India News

Stokes Declares War

Stokes acknowledged that the high quality of both teams would likely lead to a balanced series, complete with its share of highs and lows for both sides….reports Asian Lite News With the

Let’s Take on the World

After the celebrations, coach Crispin Chhetri brought the team together and said, “Reaching the Asian Cup is just the start. The World Cup is our next goal. We have to keep learning

Mizoram nails SDG goals

Mizoram has emerged as a frontrunner in India’s sustainable development journey, with all 11 of its districts earning ‘Front Runner’ status in the NITI Aayog North Eastern Region SDG Index 2023–24….reports Asian
Go toTop

Don't Miss

Adani Group commissions India’s first transnational power project

Adani Power Jharkhand Ltd (APJL), a wholly owned subsidiary of

India needs proper data on heart ailments

The four-day event attended by 1,000 cardiologists, scientists, engineers and