India's online payments platform, the Unified Payments Interface (UPI) has achieved a remarkable milestone by crossing 10 billion transactions in a month for the first time since it was launched.
According to the National Payments Corporation of India (NPCI), the total number of UPI transactions reached an all-time high of 10.58 billion in August.
"It's 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI. In reply to the post by NPCI, the Prime Minister posted on X, "This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come." While the transactions count for August 2023 stood at 10.58 billion, the transaction amount was a whopping INR 15.76 lakh crore, NPCI said, adding that UPI transactions surged 61 per cent year-on-year in the month. The year-on-year growth in transaction amount was an impressive 57%.
Data shared by NCPI put the number of UPI transactions in July 2023 at 9.96 billion and the transaction amount at INR 15.34 lakh crore. The UPI payments system saw 9.34 billion transactions in June 2023 with a total transaction amount of INR 14.75 lakh crore.
Union Minister for Electronics and Information Technology Ashwini Vaishnaw also lauded the achievement as he shared a short video on X highlighting the transformative power of UPI. The Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience, according to NPCI.
After receiving massive acceptance at the domestic level, India has been trying to help build digital infrastructure and platforms for partner countries. It is also looking at new commercial linkages and partnerships with existing financial platforms to make payments for Indian travellers and migrants easier.
India's neighbours like Nepal and Bhutan have already adopted the UPI system while the payment system is expected to be operationalised in Sri Lanka soon. India has also entered into a partnership with Singapore to link the payment systems for an easier flow of remittances.
