Data from NPCI exhibits that 10.5 billion transactions have been recorded on the platform in August, up from 9.9 billion in July 2023. In phrases of the worth of funds settled, UPI recorded Rs 15.7 lakh crore in August, barely greater than the Rs 15.3 lakh crore determine for July.
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The variety of banks stay on UPI at the moment stands at 473.
To put the expansion of the platform in perspective, NPCI reported 6.5 billion transactions in August final 12 months and three.5 billion in August 2021. Within two years the fee technique has grown virtually 3 times.
Both service provider transactions and peer-to-peer transactions have grown on the community, indicating its large-scale adoption by customers. The volumes are primarily pushed by PhonePe, Google Pay and Paytm.
In July final 12 months, PhonePe processed round 4.7 billion transactions, adopted by Google Pay at 3.4 billion transactions.
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NPCI is gunning for a goal of 30 billion transactions per 30 days — or a billion transactions every day.
Source: economictimes.indiatimes.com