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In A First, UPI Transactions In August Cross 1.5 Billion Tally; Amount Transacted Stands At Rs 2.85 Lakh Crore
The Unified Payments Interface (UPI) channel has been reported to have grown the fastest among all modes of retail digital payments
In a boost for the surging adoption of the digital payments ecosystem across India, the United Payments Interface (UPI) has for the third consecutive month clocked a record high in the number of transactions processed through it, reports Economic Times.
The tally of UPI transactions surpassed 1.5 billion tally for the first time, reaching an overall all-time high of 1.56 billion transactions. The value transacted via UPI meanwhile stood at Rs 2.85 lakh crore, only marginally lower than July when the number of transactions stood at 1.49 billion and the value transacted stood at Rs 2.90 lakh crore.
Meanwhile, in a bid to further boost the adoption of UPI and other electronic payment modes, the CBDT had days ago decreed that banks levying any charges on such transactions must return the amounts collected back to the customers.
This came, as certain private sector banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank had begun to charge fees beyond a certain number of transactions per month.
