Mumbai: UPI transactions hit a record 14.96 billion in August, marking a 41% year-on-year increase, according to data from the National Payments Corporation of India (NPCI). The total transaction value for the month amounted to ₹20.61 lakh crore, reflecting a 31% rise from the previous year.
Average daily transactions reached 483 million, with a daily transaction value of ₹66,475 crore. This marks the fourth consecutive month where UPI transactions exceeded ₹20 lakh crore, with July’s figures showing a slightly higher transaction value of ₹20.64 lakh crore and 14.44 billion transactions.
India now leads the world in digital transactions, with over 40% of payments made digitally, primarily through UPI. Dilip Asbe, CEO of NPCI, expressed confidence in UPI’s potential to reach 100 billion transactions in the next 10-15 years, bolstered by credit growth. The Reserve Bank of India is also working to make UPI and RuPay globally recognized. UPI’s growth is being fueled by the addition of 6 million new users each month, driven by the RuPay credit card integration and UPI’s international expansion. NPCI is targeting a future milestone of 1 billion transactions per day.
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