UPI monthly transaction volumes likely crossed historic 10-billion mark in August: Report

Transaction volumes on India’s Unified Payments Interface (UPI) have likely crossed the historic 10-billion mark in August, making a significant milestone in India’s payments story, according to a report. While the official transaction figures are yet to be released by the National Payments Council of India (NPCI), the umbrella body for UPI, the latest data released as of 29 August, 2023 shows that volumes had crossed 9.88 billion by then, CNBC reported on Friday.

Assuming the monthly run rate of 300 million plus daily transactions on UPI, the total volumes will likely exceed 10 billion for the month of August, the report added. In July, UPI transaction volumes had crossed 9.96 billion. In value terms, total monthly transactions stood at Rs 15.34 lakh crores in July. UPI crossed 1 billion monthly transactions for the first time in October of 2019, nearly three years after it was launched in 2016. The next billion came in another 12 months, when it touch 2.1 billion monthly transactions in October 2020, 3 billion plus by July 2021 and so on until it crossed 9 billion monthly transactions in May of 2023. With inputs from agencies