New Record Achieved in UPI Payments
The National Payments Corporation of India (NPCI) announced a groundbreaking achievement in Unified Payments Interface (UPI) transactions. In the month of August, the number of transactions reached an unprecedented 1,024 crore, surpassing the previous record of 996.4 crore transactions set in July. This signifies a remarkable milestone for UPI as it marks the first time that monthly transactions have exceeded 1,000 crores. Just a month prior, in June, the figure stood at 933 crores, exemplifying the rapid growth of UPI.
Steady Rise in UPI Transactions
The astonishing surge in UPI payments can be attributed to its inception in India after the implementation of demonetization in 2016. Since then, the number of transactions has steadily escalated, reaching the significant milestone of 100 crores (1 billion) in October 2019. This was followed by 500 crore transactions in March 2021 and an impressive 900 crore in May 2023. NPCI envisions that by 2022-23, UPI will account for a staggering 75 percent of total retail transactions. Originally designed for person-to-person money transfers, UPI now dominates business transactions, constituting a remarkable 57 percent of all UPI transactions.
The National Payments Corporation of India (NPCI) has set its sights on an ambitious target of 3,000 crore transactions per month, aiming to achieve an average of 100 crore transactions per day.
Continued Expansion to Foreign Countries
In a testament to its growing global prominence, UPI has extended its reach to foreign countries. Recently, France, the United Arab Emirates, and Sri Lanka joined the list of nations that have embraced UPI. This opens up a host of opportunities for seamless transactions, including facilitating transactions for tourists from India. Currently, UPI is available in various countries such as Singapore, Malaysia, Bhutan, Nepal, the United Kingdom, Russia, Oman, Qatar, and Europe.
With its remarkable achievements and relentless expansion, UPI has firmly established itself as a game-changer in the world of digital payments, revolutionizing the way we conduct financial transactions.
A new record in payments through Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) said the number of transactions in August was 1,024 crore. This is the first time that transactions in a month have crossed 1,000 crores. It was more than the record of 996.4 crore transactions in July. Junilit was 933 crores. An average of 33 crore transactions per day was recorded in August.
The total amount transferred through UPI till August 30 was Rs 15.18 lakh crore. It was Rs 15.34 lakh crore in July.
UPI Daily Routes
UPI started in India after demonetization in 2016. The number of transactions crossed 100 crore (1 billion) for the first time in October 2019. 500 crore in March 2021 and 900 crore in May 2023. By 2022-23, there will be 75 percent of total retail transactions through UPI. UPI was introduced to transfer money between individuals, but now 57 percent are business transactions. NPCI is targeting 3,000 crore transactions per month or 100 crore transactions per day.
UPI is also available in foreign countries
In the last few weeks alone, three countries have joined UPI. France, UAE and Sri Lanka are the new countries that have accepted UPI. UPI can be used to transact in these countries, including tourists from India. UPI is currently available in various countries such as Singapore, Malaysia, Bhutan, Nepal, UK, Russia, Oman, Qatar and Europe.
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