The Unified Payments Interface (UPI) saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore -- a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on Sunday.
The average daily transaction amount stood at 483 million last month, as average daily transaction amount reached Rs 66,475 crore.
The value of UPI transactions processed has remained above Rs 20 lakh crore for four consecutive months.
In July, the UPI-based transactions clocked Rs 20.64 lakh crore and the total UPI transaction count was 14.44 billion. The average daily transaction volume stood at 466 million, as average daily transaction amount stood at Rs 66,590 crore, according to the NPCI data.
UPI is now adding up to 60 lakh new users every month, fuelled by the RuPay credit card on UPI and its launch in foreign countries. The NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years.
UPI processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year), surpassing world’s leading digital payments platforms.
The homegrown digital payments solution processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, according to latest data by global payments hub Paysecure.
India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials would be released within in a couple of weeks.
RBI Governor Shaktikanta Das said recently that based on the encouraging response received from several jurisdictions, the central bank is now focusing on making "UPI and RuPay truly global".
‘Pahalgam incident deeply disturbing & tragic’: Former Pakistan PM Imran Khan
Former Pakistan Prime Minister Imran Khan on Tuesday termed the Pahalgam terror attack as disturbing & tragic and also condoled the victims and their families.
Congress finally deletes 'Gayab' post targeting PM Modi after outrage
Under fire from the BJP over its social media post targeting Prime Minister Narendra Modi, Congress finally, on Tuesday, took down the controversial post.
Guterres calls EAM Jaishankar, Pak PM Sharif; stresses pursuing justice in Pahalgam terror attack
Secretary-General Antonio Guterres stressed the importance of pursuing justice in the Pahalgam terrorist attack while speaking with External Affairs Minister (EAM) S Jaishankar and Pakistan’s Prime Minister Muhammad Shebaz Sharif, his Spokesperson Stephane Dujarric said on Tuesday.
Congress organises ‘Save Constitution’ rallies across NE states
The opposition Congress has been organising ‘Samvidhan Bachao’ (Save Constitution) campaign in the northeastern states. Claiming that the Constitution is in danger under the BJP-led Central government, the opposition Congress held a massive rally in Agartala on Tuesday.
RSS chief Bhagwat meets PM Modi after security huddle: Signs of a hard-hitting response in the works
In a significant political development, RSS chief Mohan Bhagwat met Prime Minister Narendra Modi at his official residence at 7, Lok Kalyan Marg on Tuesday evening.
What PM Modi's free hand to armed forces against terror means for cross-border action?
Prime Minister Narendra Modi’s unambiguous message during a high-level security meeting - ‘India is determined to deliver a crushing blow to terrorism’ - marks more than just a strong statement of resolve.
Justice BR Gavai appointed as next Chief Justice of India
Justice Gavai was elevated as a Judge of the Supreme Court on May 29, 2019. Appointed as Additional Judge of the Bombay High Court in November 2003, he became a permanent Judge in November 2005.
Three more Bangladeshi nationals held in Tripura
The Tripura Frontier of the Border Security Force (BSF) on Tuesday apprehended three Bangladeshi nationals, including a woman, for illegally entering India, officials said.