BENGALURU: After breaching 600 crore level in July, the Unified Payments Interface (UPI) has clocked 657 crore transactions in August, a 5% month-on-month growth compared to the previous month. The transaction volume has crossed Rs 10.72 lakh crore in August.
In June this year, nearly 586 crore transactions were made, totalling 10.14 lakh crore. According to the National Payments Corporation of India (NPCI) data, the total transaction volume this year stands at Rs 77.94 lakh crore. This has already crossed the last year’s volume. In FY22, UPI facilitated over 4,600 crore transactions.
Rajesh Mirjankar, MD and CEO of Kiya.ai, said, “UPI transactions reaching 657 crore in August 2022 is evidence of the popularity of UPI and being a preferred mode of payments by an increasing number of consumers.”
The growth in UPI volumes by nearly 100% year-on-year (YoY) and amounts transacted growing by 75% YoY is just the tip of the iceberg. With the acceptance of card payments via UPI, the transaction volumes are bound to grow strongly and the average value per transaction too will increase, he added.
NPCI also aims to process 1 billion transactions per day in the next few years. Recently, RBI in its discussion paper on payments sought feedback from stakeholders on whether UPI transactions should be charged and subsequently it said that it is not considering any charges for services.