India is getting digitally active. As per the data of the National Payments Corporation of India (NPCI), that manages real time payment platform UPI, August was a prosperous month for the Unified Payments Interface. UPI crossed 10 billion transactions in a month for the first time in August. According to the data till 30 August, UPI reported 10.24 billion transactions during the month and the transaction value stood at Rs 15.18 lakh crore.
In July, UPI platform had seen 9.96 billion transactions.
Around 330 million transactions per day were being processed using UPI in the month of August. With that run rate, UPI should reach approximately 10.5 billion transactions in August, representing a 5 per cent increase over July.
By the end of this month, the value of transactions as of August will probably be between Rs. 15.4 and 15.6 lakh crore, breaking the previous record set in July of Rs. 15.33 lakh crore.
When the platform achieved 9.89 billion in July, the 10 billion milestone for August was inevitable. Apart from the fact that both consecutive months had 31 days, the platform typically experiences a negligible month-over-month rise.
Within the next two to three years, NPCI aims to achieve 30 billion transactions every month, or 1 billion transactions each day. The platform performs better during the holiday season months, such as October and November, than it does during other months.