UPI transactions reach 10.24 billion in August, a new record

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New Delhi: UPI transactions hit a new record of 10.24 billion in August 2023, according to the National Payments Corporation of India (NPCI) on Thursday. UPI is a mobile-based instant payment system that allows users to transfer money without cash. UPI transactions now account for 57 percent of all transactions in India.

The value of the UPI transactions in August was Rs 15,18,456.4 crore. This was an increase from 9.96 billion transactions in July and 9.33 billion transactions in June. UPI transactions have grown almost three times in two years, from 3.5 billion in August 2021.

One of the factors that boosted UPI transactions was the use of QR codes, which enable users to scan and pay at shops. A report said that UPI has more than 330 lakh unique users and about 70 lakh shopkeepers have installed 356 lakh QR codes. UPI apps like PhonePe, Google Pay, Paytm, Cred and Amazon Pay also contributed to the growth of UPI transactions.

UPI has also attracted the interest of other countries, who want to adopt India’s UPI technology. More than 35 countries, including Japan, are keen to implement UPI in their own systems.

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UPI transactions are expected to increase further during the festive season of October and November when people shop more. UPI offers a convenient and secure way of paying for goods and services without cash.