New Delhi: India made 10 billion transactions via Unified Payment System (UPI), its instant payment system, making history for the first time in a month. The National Payments Corporation of India (NPCI) released available data until August 30. According to the data, the transaction volume for the month reached 10.241 billion.
The transactional value of UPI is also set to reach an all-time high, already having reached Rs 15.18 trillion. July 2023 saw a record value of Rs 15.34 trillion.
Sunil Rongala, senior vice president, head of strategy, innovation and analytics at Worldline India said, “At 10 billion, there is still a lot of room for UPI transactions to grow. The data shows that UPI peer-to-merchant (P2M) transactions are growing at a pace of over 100 per cent on a year-on-year basis and have a higher share than peer-to-peer (P2P) transactions.”
He also added that P2M transactions will soon be driving the growth of UPI transactions, and it would be no surprise if it hits 20 billion transactions a month in the coming 18-24 months.
Until August 30, the Immediate Payment Service (IMPS) transactions of this month, 473 million in volume, saw a value of Rs 4.93 trillion. The month of July saw 490 million transactions with a value of Rs 5.12 trillion, which was 2.4 per cent more than June, with 486.1 million transactions, amounting to Rs 5 trillion.
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