The Unified Payments Interface (UPI) saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore -- a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on Sunday.
The average daily transaction amount stood at 483 million last month, as average daily transaction amount reached Rs 66,475 crore.
The value of UPI transactions processed has remained above Rs 20 lakh crore for four consecutive months.
In July, the UPI-based transactions clocked Rs 20.64 lakh crore and the total UPI transaction count was 14.44 billion. The average daily transaction volume stood at 466 million, as average daily transaction amount stood at Rs 66,590 crore, according to the NPCI data.
UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries. The NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years.
UPI processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year), surpassing world’s leading digital payments platforms.
The homegrown digital payments solution processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, according to latest data by global payments hub Paysecure.
India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials would be released within in a couple of weeks.
RBI Governor Shaktikanta Das said recently that based on the encouraging response received from several jurisdictions, the central bank is now focusing on making "UPI and RuPay truly global".
Border guards of India, B'desh exchange sweets on Diwali
On the occasion of Diwali, sweets were exchanged on Thursday between the troops of Border Security Force (BSF) and Border Guard Bangladesh (BGB), all along the border with Bangladesh, officials said.
PM Modi continues Diwali tradition, celebrates with soldiers in Gujarat's Kutch
Continuing his tradition of spending Diwali with the armed forces and other security forces on the borders, Prime Minister Narendra Modi celebrated the festival of lights on Thursday with personnel from the Border Security Force (BSF), Indian Army, Navy, and Air Force in the Sir Creek area of Gujarat's Kutch.
Indian, Chinese troops exchange sweets at LAC in Ladakh on Diwali
This comes after India and China undertook the disengagement process at the LAC in the union territory. Defence Minister Rajnath Singh said during an event in Arunachal Pradesh that the process was near completion.
Former BJP MLA Brahm Singh Tanwar joins AAP ahead of Delhi Assembly polls
In a significant setback for the Bharatiya Janata Party (BJP) before the upcoming Delhi Assembly elections, three-time MLA Brahm Singh Tanwar joined the Aam Aadmi Party (AAP) on Thursday.
Everybody must accept reality that J&K is Union Territory: Lt Governor
In an obvious reference to NC leaders, including Chief Minister Omar Abdullah and Cabinet ministers, Sinha said: "It was unfortunate that those who took oath under the Indian Constitution are opposing UT status of J&K. This reflects their dual character."
Diwali affirms ideals that inspire Australians: Anthony Albanese
Australian Prime Minister Anthony Albanese on Thursday called Diwali an "extraordinarily beautiful celebration of faith and culture" that inspires Australians from all walks of life.
Mumbai Congress receives jolt as veteran Ravi Raja joins BJP
A veteran Congress leader, Ravi Raja along with his supporters on Thursday joined the BJP in the presence of Deputy Chief Minister Devendra Fadnavis and the party's Mumbai unit chief Ashish Shelar.
UP CM celebrates Diwali in Ayodhya, prays at Ram temple
A day after Deepotsav, Uttar Pradesh Chief Minister Yogi Adityanath began his day on Thursday with a visit to Hanumangarhi, where he prayed to Bajrangbali.