Record-breaking: UPI-based payments surpass 10 billion monthly transactions

UPI Payment

According to the National Payments Corporation of India (NPCI), the number of monthly UPI-based transactions surpassed 10 billion in August. The NPCI revealed late Thursday that UPI transactions for the month were over Rs 15.18 trillion, with a total value of over Rs 10.24 billion. UPI has seen monthly transaction growth of over 50% year-over-year, with 6.58 billion in August alone. There were 9.96 billion digital payments processed in July alone. In October of 2019, UPI reached a new monthly transaction milestone of 1 billion.

The value of UPI transactions increased by 1,320 percent between 2018 and 2022, while the number of transactions increased by 1,876 percent. The total number of UPI transactions in 2018 was 374.63 crore; by 2022, it was 7,403.97 crore, an increase of 1,876%. UPI transactions in 2018 were Rs 5.86 lakh crore, and they are projected to grow to Rs 83.2 lakh crore, a 1,320 percent increase, by 2022. In February of this year, RBI expanded UPI to allow foreign citizens and NRIs visiting India to make payments while in India.

G20 travellers may now make purchases at a few international airports (in Bengaluru, Mumbai, and New Delhi) using this service. The National Payments Corporation of India (NPCI) has confirmed that these ten nations are permitted to use the service: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States of America (USA), Saudi Arabia, the United Arab Emirates (UAE), and the United Kingdom. In 2022, UPI was first widely adopted in other nations.

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