UPI Logs 6.57 Billion Transactions Worth Over Rs 10.72 Lakh Crore In August

In a significant development, the number of monthly transactions on the Unified Payments Interface (UPI) platform touched 6.57 billion in August 2022, up marginally from the previous month.

The UPI platform reported 6.57 billion transactions amounting to over Rs 10.72 lakh crore in August 2022.

According to data released by the National Payments Corporation of India, which developed the UPI platform, around 5.86 billion transactions amounting to Rs 10.14 lakh crore were reported in June.

The platform surpassed 1 billion transactions mark for the first time in October 2019, over three years after its launch in 2016.

In October 2020, UPI processed over 2 billion transactions, and after nearly months crossed 3 billion transactions mark in July 2021. The next 1 billion came in just another few months, as the payment platform reached over 4 billion transactions per month in October 2021.In March 2022, UPI breached the five billion transactions mark.

The platform processed over 46 billion transactions amounting to more than Rs 84.17 lakh crore in financial year 2021-22.