UPI transactions touch a new high, crosses 300 million in August

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UPIUnified Payments Interface (UPI) has reached around 312.02 million transactions amounting to Rs 54,212.26 crore in August, according to National Payments Corporation of India (NPCI).

The growth in UPI transaction volume reported in August is 14 percent higher than the mark achieved in July. While 312.02 million transactions were carried out in August, in July it was reported at 273.75 million transactions worth Rs 51,843.14crore in July.

However, the data reported by NPCI does not include transactions with debit/credit in the same account for the month of August.

In a bid to curb the fake transactions and regulate fintech companies from increasing their UPI numbers, NPCI has directed the banks to stop transactions that are performed from different UPI applications with the debit and the credit happening in the same account, from August 1.

Earlier this month, NPCI launched the upgraded version of UPI, UPI 2.0 with several new features such as an overdraft facility enabling customers to link their overdraft accounts to the UPI.

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