Monthly UPI transactions cross 10 billion-mark, valued at Rs 15.76 lakh crore: NPCI

The total number of Unified Payments Interface (UPI) transactions in the country stood at 10.58 billion in August, worth an estimated Rs 15.76 lakh crore, according to data from the National Payments Corporation of India (NPCI). While the number of transactions grew 61 per cent, the value registered an increase of 47 per cent compared with the corresponding period a year ago. 

UPI transactions have grown exponentially over the past years, gaining popularity as the preferred mode of payment across the country, in tandem with the government’s focus on digital transactions in the economy as an essential aspect of its Digital India drive. The UPI payments system is operated by the NPCI.

Sequentially, UPI transactions increased 6.2 per cent in count and 2.7 per cent in value last month, according to data shared by the NPCI in a Tweet on X (formerly Twitter).

In June, UPI transactions totaled 9.34 billion in volume, and Rs 14.75 lakh crore in value, according to the NPCI. 

Prime Minister Narendra Modi lauded the milestone. “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 Prime Minister tweeted, re-sharing the NPCI’s post containing the information. 

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. https://t.co/MrXpYbg5Cd

— Narendra Modi (@narendramodi) September 1, 2023

"It's 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI,” wrote the National Payments Corporation of India (NPCI), an umbrella organisation for all retail payments in the country.

The number of digital transactions in the country grew more than 100 times in nine years to 12,735 crore in the financial year 2022-23, from 127 crore in the financial year 2013-14, according to an official statement, released in May. 

Modes of payment such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service (IMPS), prepaid payment instruments (PPIs), and National Electronic Toll Collection (NETC) have led the transformation of the country’s digital payment ecosystem over the past years, with UPI emerging as the preferred payment mode of payment among citizens.