In July, UPI transactions of 9.96 billion were recorded.
India's robust online payments platform, unified payments interface (UPI) achieved a remarkable milestone by crossing 10 billion transactions in a month. The total number of UPI transactions reached an all-time high of 10.58 billion in August.
According to the National Payments Corporation of India (NPCI), which manages the real-time payments system, UPI transactions surged 67 per cent year-on-year to 10.58 billion in August.
Welcoming the development, Union telecom minister Ashwini Vaishnaw in a tweet said, “Digital India achieves a new record. UPI payment transactions crossed the 10 billion mark in August-23.”
According to the NPCI, the total transaction amount increased 47 per cent year-on-year to Rs 15.76 lakh crore in August.
In July, UPI transactions of 9.96 billion were recorded while the transaction amount stood at Rs 15.34 lakh crore.
UPI payments system saw 9.34 billion transactions in June 2023 with a total transaction amount of Rs 14.75 lakh crore.
“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 tweeted earlier.
UPI's Global Plan
After its wider adoption in the domestic market, India is in talks with other countries to take the payment system global, especially in developing countries.
India also showcased the UPI system at the G20 meetings, enabling the delegates to experience real-time transactions over the phone.
According to NPCI officials, India has been following two strategies – Help build digital infrastructure and platforms for partner countries and enter into commercial linkages and partnerships with existing financial platforms to make payments for Indian travellers and migrants easier.
Its neighbours like Nepal and Bhutan have already adopted the UPI system while the payment system is expected to be operationalised in Sri Lanka soon.
India also entered into a partnership with Singapore to link the payment systems for an easier flow of remittances.