10 billion transactions through UPI in August for the first time

- Increased usage of UPI with easy payment system post demonetisation

Mumbai: Transactions through Unified Payments Interface (UPI) are estimated to have crossed the 10 billion mark in August. As of August 29, 9.89 billion transactions were completed through UPI and looking at the transaction average, this figure is expected to cross 10 billion at the end of August 31. In the current month, an average of 33 crore transactions have been completed on UPI daily.

This is the first time that the figure of 10 billion has been seen through UPI in any one month.

According to National Payments Corporation of India (NPCI) figures, the number of UPI transactions in July stood at 9.96 billion. Easy digital payment system has increased the usage of UPI.

There is a five percent growth in August transactions compared to July. A total of Rs 14.68 lakh crore worth of transactions were transacted in the current month till August 29 and is expected to reach Rs 15.50 lakh crore by the end of the month.

A total of Rs 15.33 lakh crore was transacted in July.

NPCI sources said that the target is to complete 30 billion transactions per month through UPI in the next two to three years.

Generally, UPI transactions are more than normal during the festive season of September, October and November. After the demonetisation period in the country, there is a huge increase in the amount of online payments. Sources also added that this was possible due to easy payment arrangements.