In a 1st, number of monthly UPI transactions cross 1,000 crore – Times of India

MUMBAI: UPI transactions crossed the 1,000-crore mark for the first time ever in August. According to NPCI data, UPI transactions up to August 30, 2023, stood at 1,024 crore – with a total value of Rs 15.2 lakh crore.
UPI transactions stood at 934 crore in July, with the value of the transactions at Rs 15.3 lakh crore. Although the value is lower as of August 30, the number is expected to surpass Rs 16 lakh crore after taking into account the transactions for August 31, which will be available on Friday.
According to sources from payments companies, August witnessed an increase in transactions due to Independence Day sales on various websites. Raksha Bandhan too saw a significant number of gift transactions occurring over UPI.
September numbers are expected to rise sharply because of the festival season, too – resulting in a rise in consumption. UPI transactions had crossed 100 crore for the first time in October 2019, nearly three years after the payment system was launched.

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