Unified Payments Interface (UPI) is a system with the help of which the sender or the recipient sends or receives money to any bank account instantly. In the present digital era, everyone prefers to make payments through UPI. Its biggest feature is that there is no tension of keeping cash. According to data released by National Payments Corporation of India, UPI transaction numbers reached its highest level in August.
In the month of August, people made transactions worth Rs 29.82 lakh crore. The use of UPI payment also seems to be increasing continuously. According to an estimate, the main reason for this increase in digital transactions in the month of August was festivals like Rakshabandhan.
These excellent economic figures for August are strong proof that demand in the Indian market remains very strong. GST collection of Rs 2 lakh crore and monthly UPI transactions of about Rs 29.82 lakh crore also highlight the deep impact of the digital revolution.
National Payments Corporation of India (NPCI) has made a post on its social media platform X, in which it has released the figures of transactions done in July-August. Talking about the figures of July, transactions worth Rs 29.88 lakh crore were made through UPI this month.
Whereas in the entire month of August, transactions worth Rs 29.88 lakh crore were made through UPI. Which is 20% more than Rs 24.85 lakh crore in the same month a year ago.
UPI, the favorite payment system of Indians, is now accepted in 11 countries around the world. This service works 24 hours a day, 365 days a year. It is completely free for general person to person (P2P) transactions.
UPI was launched on August 25, 2016 and has since changed India's digital payments landscape. Its transaction value will be around Rs 314 lakh crore in the financial year 2025-26, which means it has increased by more than 4,000 times in a decade.
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