UPI Crosses 10 Billion-Plus Transaction In August, Exceptional News Says PM Modi

The National Payment Corporation of India (NPCI), said that the Unified Payments Interface (UPI) has crossed the 10 billion plus transactions in the month of August, with the transaction amount crossing over 15 lakh crore.

The Prime Minister Narendra Modi has posted the NPCI post on his X handle, saying, “this is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come.”

The UPI monthly transaction count for the month of June was 9.34 billion, with the 14.75 lakh crore of transaction amount. In the month of July, number of transaction count went up again to 9.64 billion with 15.34 lakh crore in transaction amount, which is a raise from the previous month, June. The month of August again showcased a rise. The NPCI post also showed that a year on year growth of 61% in transaction count has been achieved and a year on year growth of 47% has been achieved in the transaction amount.

The NPCI, announced the incredible volumes for the month of August with a post which read, “It”s 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI.” The UPI is a real time payments interface system which was developed by the NPCI, which proved for on the spot money transfer. The most popular UPI apps are Paytm, Google Pay and Phone Pay. The government of India has signed agreements with countries to enhance the potential of UPI.

The NPCI is an initiative of RBI and Indian Banks Association, which is an umbrella organisation for all retail payment system in India, which includes their products, Rupay, Bhim, Bharat Bill Pay, MPS and many more.