UPI Transactions Rose 4% MoM to Record 24.51 Bn in August
UPI payment system recorded a record 24.51 billion transactions in August, a 4% increase from July. The total value of these transactions saw a slight decrease.
The Unified Payments Interface (UPI) network processed a record 24.51 billion transactions in August, marking a 4% month-on-month increase from 23.66 billion in July. Data released by the National Payments Corporation of India (NPCI) also showed a 22% rise in transaction volume compared to August of the previous year.
Despite the surge in transaction volume, the total value of UPI transactions declined slightly to ₹29.82 lakh crore in August from ₹29.88 lakh crore in July. Year-on-year, the transaction value increased by 20%.
Average daily transaction counts rose to 791 million in August, up from 763 million in July. However, the average daily transaction value saw a marginal dip of 0.2%.
The milestone in transaction volume occurs as discussions intensify around the monetization of UPI services and market competition. Recent legislative changes in India now allow for the potential introduction of Merchant Discount Rate (MDR) on certain UPI transactions, moving away from the historical zero-MDR regime for merchants.