UPI Sets New Record With 1,000 Cr Monthly Transactions In August 2023
The Unified Payments Interface (UPI) has set a new record by processing more than 1000 Cr monthly transactions in August 2023 for the first time in its seven-year history. This achievement is a testament to the growing popularity of digital payments in India.
UPI Transactions in August 2023
According to the National Payments Corporation of India (NPCI), UPI transactions crossed the 1000 Cr mark in August 2023. The total number of transactions logged by UPI till August 30 was 1024.1 Cr, worth INR 15.18 Lakh Cr. This milestone was achieved on the back of the second consecutive month of growth in numbers.
UPI’s Remarkable Growth
The figures for July 2023 reflect a remarkable 58% year-on-year (YoY) expansion from the previous year’s 628 Cr in terms of transaction volume. This growth can be attributed to the increasing adoption of digital payments in India, which has been accelerated by the COVID-19 pandemic.
As of September 2022, there were 358 banks available on the platform with a monthly volume of 6.7 billion transactions and ₹11.16 trillion (US$140 billion) in value. In FY 2023, the value of annual transactions reached $1.7 trillion out of which $380 billion is in merchant payment. UPI hit record 9 billion transactions worth ₹ 14 lakh crore in May 2023. The number of monthly UPI transactions rose over 58 per cent year-on-year in May, making it the highest volume and value ever recorded.
The Future of UPI
The success of UPI has paved the way for other digital payment systems in India. The government’s push towards a cashless economy has also contributed to the growth of UPI. With the increasing popularity of digital payments, UPI is expected to continue its remarkable growth trajectory in the coming years.
In conclusion, UPI’s achievement of processing more than 1000 Cr monthly transactions in August 2023 is a significant milestone in the history of digital payments in India. It is a testament to the growing popularity of digital payments and the success of UPI in providing a convenient and secure payment system to millions of Indians. The remarkable growth of UPI in recent years is a clear indication of the potential of digital payments in India, and it is expected to continue to grow in the coming years.
