UPI payments transactions up 32% month-on-month in August, cross 300-million mark worth Rs 54,212.26 crore

Mumbai: Transactions under the unified payments interface (UPI) has crossed 300 million-mark in August. The number of transactions via UPI grew 32 percent to 312.02 million over the previous month amounting to Rs 54,212.26 crore, according to NPCI website. On year-on-year basis, the growth in UPI transactions – both in value and volume terms – have been manifold as the base of users has also expanded at a steady pace. In July, UPI clocked 235.6 million transactions. The PMO tweeted the news that transactions have crossed the 300-million mark in August. Last month Reserve Bank of India (RBI) Governor Urjit Patel unveiled UPI version 2.0 which allows customers to use overdraft limit for making payments for merchants. The second version of the UPI enables customers to check the invoice sent by merchants prior to making payments, NPCI had said in a statement. The NPCI, too, tweeted that cashless transactions have now become simpler and convenient thanks to BHIM UPI. 

Cashless transactions have now become simpler and convenient thanks to BHIM UPI.#DigitalIndia #InstantPayments #HighOnUPI @dilipasbe pic.twitter.com/c0fqTwK9Do

— NPCI (@NPCI_NPCI) September 1, 2018

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. It was set up with the guidance and support of the RBI and Indian Banks Association (IBA). UPI was launched on 11 April 2016. In the last two years, the platform has emerged as a popular choice among users for sending and receiving money. BHIM UPI recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in the month of July 2018. UPI 2.0 member banks are State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.