The National Payments Corporation of India (NPCI) reports that in August, UPI-based payments for the first time exceeded 10 billion monthly transactions. The NPCI said that the monthly UPI transaction count exceeded 10.24 billion with a net transaction value of Rs 15.18 trillion.
The number of UPI transactions increased by more than 50% (year over year), reaching 6.58 billion in August. The digital payment network had 9.96 billion transactions in July. In October 2019, UPI achieved a milestone of 1 billion monthly transactions for the first time.
The value and volume of UPI transactions increased dramatically between 2018 and 2022, by 1,320% and 1,876%, respectively. Volume-wise, UPI transactions totaled 374.63 crore in 2018, and 7,403.97 crore in 2022, an increase of 1,876 percent. Value-wise, UPI transactions totaled Rs 5.86 lakh crore in 2018, and Rs 83.2 lakh crore in 2022, an increase of 1,320%.
By allowing people to use UPI while they are in India, RBI enabled access for foreign citizens and NRIs visiting India in February of this year. Travellers from G20 nations are now able to use this facility at a few international airports, including Bengaluru, Mumbai, and New Delhi. The service is permitted for 10 nations, including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, the UAE, and the UK, according to the National Payments Corporation of India (NPCI). In 2022, UPI adoption in other nations began.
