“UPI Achieves Milestone with Over 10 Billion Transactions: A Closer Look at the Key Figures”

“Unified Payments Interface (UPI) serves as an instantaneous payment system, allowing users to transfer money swiftly to any bank account. Operated by the National Payments Corporation of India (NPCI), UPI recently achieved a significant milestone, surpassing 10 billion transactions in August. According to NPCI data, the platform recorded a remarkable 10.5 billion transactions during that month, primarily driven by key players like PhonePe, Google Pay, and Paytm. In July of the previous year, PhonePe processed approximately 4.7 billion transactions, while Google Pay followed closely with 3.4 billion.

The applause-worthy news is that UPI has exceeded expectations with over 10 billion transactions. Let’s commemorate this remarkable achievement and the transformative potential of digital payments. Together, we can sustain this momentum and continue to redefine the way we conduct transactions through UPI!”

Key Figures:
– The 10.5 billion transactions in August marked an increase from 9.9 billion in July 2023.
– In terms of the total value of funds settled, UPI recorded Rs 15.7 lakh crore in August, slightly surpassing the Rs 15.3 lakh crore recorded in July.
– Currently, 473 banks are active on the UPI platform.
– NPCI reported 6.5 billion transactions in August of the previous year and 3.5 billion in August 2021, showcasing nearly threefold growth in just two years.”