Digital Payments

UPI impact: E-Payments report further growth in August

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Digital Payments have reported a slight increase in August as compared to July both in terms of value and Volume, according to the latest figures released by the Reserve Bank of India (RBI).

As per the data, the total digital transactions reported in August are worth Rs109.82 trillion, a rise of up 2.27 per cent from Rs107.38 trillion in July, according to RBI data.

The report further revealed that the number of digital transactions in the month of August increased marginally to 883.42 million from 861.07 million in July.

Reportedly, transactions across Unified Payments Interface (UPI) surged to 16.61 million in August, against 11.44 million in the previous month. The UPI transactions inflated to 22 per cent and reached Rs 4,127 crore in August from Rs3,381 crore in July.

National Payments Corporation of India (NPCI) launched UPI in August 2016 with 21 banks. The service is currently available with 55 banks. As per the latest developments, NPCI is all set to launch an upgraded version of UPI by September end.

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