Indian Economy News

India clocks 10 billion UPI transactions for the first time in a month

  • IBEF
  • September 1, 2023

For the first time in a month, India's quick payment system Unified Payment Interface (UPI) exceeded 10 billion transactions in August. According to data supplied by the National Payments Corporation of India (NPCI) up until (August 30th, 2023) the transaction volume hit 10.24 billion.

In terms of value, UPI transactions are also on track to surpass the previous milestone of US$ 183.68 billion (Rs. 15.18 trillion), just below the previous high of US$ 185.62 billion (Rs. 15.34 trillion), which was registered in July of this year.

Senior Vice President, Head of Strategy, Innovation and Analytics at Worldline India, Mr. Sunil Rongala said, "At 10 billion, there is still a lot of room for UPI transactions to grow. The data shows that UPI peer-to-merchant (P2M) transactions are growing at a pace of over 100% on a year-on-year basis and have a higher share than peer-to-peer (P2P) transactions. Over time, P2M transactions will drive UPI transactions growth and it will be no surprise if UPI transactions hit 20 billion a month in 18-24 months”.

 In August 2023, 473 million Immediate Payment Service (IMPS) transactions were recorded until August 30 with a total value of US$ 59.65 billion (Rs. 4.93 trillion). In terms of volume, this is compared with 490 million in July and 468.1 million in June. In terms of value, this was US$ 61.95 billion (Rs. 5.12 trillion) in July, up from US$ 60.5 billion (Rs. 5 trillion) in June, a 2.4% increase.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.