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UPI crosses 10 billion monthly transactions in Aug; PM Modi congratulates

UPI crosses 10 billion monthly transactions in Aug; PM Modi congratulates

| @indiablooms | 02 Sep 2023, 01:17 am

New Delhi: India’s contactless digital payments framework, Unified Payments Interface (UPI), crossed 10 billion monthly transactions in August, said Reserve Bank’s non-profit agency, National Payments Corporation of India (NPCI) on Friday.

In a tweet, NPCI said that payments made on UPI attained this feat on Wednesday with over 10.24 billion on 30 August and a net transaction value of Rs 15.18 trillion.

Prime Minister Narendra Modi hailed the crossing of 10 billion UPI transactions in August 2023.

In reply to NPCI’s post, the Prime Minister wrote on X, "This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come."

The Centre-initiated payments network was close to the 10 billion mark in July itself, with 9.96 billion transactions following a slight sequential reduction from May.

UPI transactions in August 2022 stood at 6.58 billion monthly transactions.

The transactions over the payments network have increased by over 50% year-on-year.

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