UPI transactions cross 24B for first time
What's the story
The Unified Payments Interface (UPI) has witnessed a major milestone, crossing the 24 billion transaction mark for the first time in August. The National Payments Corporation of India (NPCI) data shows a month-on-month increase of 3.6% from July's 23.66 billion transactions to August's record-breaking 24.51 billion. The year-on-year growth is even more impressive at an annual increase of about 22%.
Transaction value
Transaction value sees slight dip
While the number of transactions has seen a significant jump, the value of these transactions has remained fairly stable.
In August, UPI processed transactions worth ₹29.82 lakh crore, a slight dip from July's ₹29.88 lakh crore. This translates to a marginal month-on-month decline of around 0.2%.
However, on a year-on-year basis, the transaction value saw an impressive increase of 20%.
Daily growth
Average daily transaction count rises
The average daily transaction count also saw a major jump in August, rising to 791 million from July's 763 million. This is a clear indication of the growing popularity and usage of UPI for everyday transactions.
The average daily transaction value stood at ₹96,205 crore in August, slightly lower than July's ₹96,383 crore but still higher than last year's figures.