Unified Payments Interface (UPI) is the real-time payment mechanism. The instant payment system allows users to instantly transfer money to any bank account. Run by the National Payments Corporation of India (NPCI), UPI recently achieved a new milestone. UPI transactions in the month of August crossed 10 billion. Data from NPCI shows that 10.5 billion transactions were recorded on the platform in August. The volumes are mainly driven by three players in the segment — PhonePe, Google Pay and Paytm. In July last year, PhonePe processed around 4.7 billion transactions, followed by Google Pay at 3.4 billion.
“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 posted on X, formerly known as Twitter.
The numbers that matter:
- The 10.5 billion transactions are up from 9.9 billion in July 2023.
In terms of the value of funds settled, UPI recorded Rs 15.7 lakh crore in August, this is slightly more than Rs 15.3 lakh crore in July.
The number of banks that currently live on UPI stands at 473.
NPCI reported 6.5 billion transactions in August last year and 3.5 billion in August 2021. Within two years the payment method has grown almost three times.