United Payments Interface (UPI) clocked more than 3.55 billion transactions in August, a 9.56 percent jump in volume from July, signalling wider digital payments adoption.
In terms of value, the National Payments Corporation of India’s (NPCI) flagship payment platform saw transactions worth Rs 639,116 crore, up 5.41 percent from the previous month.
Since January 2021, UPI has seen monthly transactions grow by 54 percent from 2.30 billion, while monthly transaction values have grown by 48 percent.
Launched in 2016, UPI has seen tremendous adoption further accelerated by the coronavirus outbreak. In December 2018, monthly transactions crossed the Rs 1,00,000-crore mark and Rs 2,00,000 crore a year later.