UPI transactions surpass 3.5 billion in August

UPI

The volume of transactions made via the Unified Payments Interface (UPI) reached 3.55 billion in August, an increase from 3.24 billion from July.

The value of transactions reached Rs 6.39 lakh crore from Rs 6.06 lakh crore in July, said the National Payments Corporation of India (NPCI) on Wednesday.

Transactions via UPI through other payment channels reported marginal drop in April and May, when the second wave of covid affected consumption.

As covid induced lockdowns and other mobility restrictions were gradually relaxed, digital payments slowly resumed its momentum in June and the months thereafter.

According to a report by Motilal Oswal Financial Services, the market share of UPI has been constantly increasing since then and now reported at 80% over the first four months of FY22, up from 73% in FY21.

Also Read: NPCI, PayCore partner to drive RuPay SoftPOS solutions in India

Other payment channels under the ambit of the NPCI also reported an increase in usage during August. The volume of financial transactions via Aadhaar enabled Payments System (AePS) increased to108.48 million from 88.84 million in July. The value of these transactions grew to Rs 27,354 crore from Rs 23,447 crore.

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